<SEC-DOCUMENT>0001292814-23-000677.txt : 20230302
<SEC-HEADER>0001292814-23-000677.hdr.sgml : 20230302
<ACCEPTANCE-DATETIME>20230302062944
ACCESSION NUMBER:		0001292814-23-000677
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20221231
FILED AS OF DATE:		20230302
DATE AS OF CHANGE:		20230302

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:		23696260

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
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<FILENAME>abevpr4q22_6k.htm
<DESCRIPTION>6-K
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<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, 2023</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

<P STYLE="font: 6pt/8pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt/115% Arial,sans-serif; margin: 12pt 0 6pt; text-align: center; color: #595959"><B>AMBEV REPORTS 2022 FOURTH QUARTER
AND FULL YEAR RESULTS</B><FONT STYLE="font-family: Arial,sans-serif"><SUP>1</SUP></FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0; text-align: justify">&#8220;<I>2022 was a solid year, marked by double-digit top
line and bottom line growth driven by the continued momentum in Brazil, where our &#8216;Ambev as a platform&#8217; framework is coming
to life.</I>&#8221;<I>&#8211; Jean Jereissati, CEO</I></P>

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

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0; text-align: justify"><I></I></P>

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  <TD STYLE="width: 48%"><P STYLE="font: 15pt Arial,sans-serif; margin: 12pt 0pt 9pt; text-align: justify; color: rgb(89,89,89)"><B>Total Volume (organic)</B></P>

<P STYLE="font: 19pt Arial,sans-serif; margin: 0; text-align: justify; color: Blue"><B><SUP>4Q: +1.5% vs LY&#9;FY: +3.0% vs LY</SUP></B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 3pt 0 2pt; text-align: justify"><FONT STYLE="line-height: 115%">Volume growth in 4Q22
was led by Brazil (NAB +6.6% and Beer +4.0%). Volumes declined in Latin America South (&ldquo;LAS&rdquo;) (-1.6%), Canada (-5.4%), impacted
by</FONT> a soft beer industry, <FONT STYLE="line-height: 115%">and Central America and the Caribbean (&ldquo;CAC&rdquo;) (-13.4%), with
some sequential recovery led by the Dominican Republic.</FONT></P></TD>
  <TD STYLE="width: 4%">&nbsp;</TD>
  <TD STYLE="width: 48%"><P STYLE="font: 15pt Arial,sans-serif; margin: 12pt 0pt 9pt; text-align: justify; color: rgb(89,89,89)"><B>Net Revenue (organic)</B></P>

<P STYLE="font: 19pt Arial,sans-serif; margin: 0; text-align: justify; color: Blue"><B><SUP>4Q: +21.5% vs LY&#9;FY: +19.8% vs LY</SUP></B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 2pt; text-align: justify">Performance driven mostly by net revenue per hectoliter
(&ldquo;NR/hl&rdquo;) growth of 19.7% in 4Q22. Net revenue grew in most of our business units: LAS<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><SUP>2</SUP></FONT>
+54.0%, Brazil NAB +25.7%, Brazil Beer +16.9% and Canada +1.9%, while CAC declined by 5.7%.</P>

</TD></TR>
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  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><P STYLE="font: 15pt Arial,sans-serif; margin: 12pt 0pt 9pt; text-align: justify; color: rgb(89,89,89)"><B>Normalized EBITDA (organic)</B></P>

<P STYLE="font: 19pt/115% Arial,sans-serif; margin: 0; text-align: justify; color: blue"><B><SUP>4Q: +27.4% vs LY&#9;FY: +17.1% vs LY</SUP></B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 3pt 0 2pt; text-align: justify">Growth in 4Q22 driven by top line performance, partially
offset by commodities prices and FX impacting COGS and sustained inflationary pressures coupled with additional commercial investments
in Brazil impacting overall SG&amp;A.</P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 15pt Arial,sans-serif; margin: 12pt 0pt 9pt; text-align: justify; color: rgb(89,89,89)"><B>Normalized Profit</B></P>

<P STYLE="font: 19pt Arial,sans-serif; margin: 0; text-align: justify; color: blue"><B><SUP>4Q: R$ 5,299.7 million</SUP></B></P>

<P STYLE="font: 19pt/115% Arial,sans-serif; margin: 0; text-align: justify; color: blue"><B><SUP>FY: R$ 15,166.8 million</SUP></B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 3pt 0 2pt; text-align: justify"><FONT STYLE="line-height: 115%">Normalized profit
increased by </FONT>36.4% <FONT STYLE="line-height: 115%">versus R$&nbsp;</FONT>3,885.1 <FONT STYLE="line-height: 115%">million in 4Q21,
mostly due to EBITDA growth</FONT> and lower effective tax rate<FONT STYLE="line-height: 115%">. In FY22, normalized profit grew by 12.6%
compared to R$&nbsp;13,472.3 million in FY21.</FONT></P>


</TD></TR>
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  <TD>&nbsp;</TD>
  <TD>&nbsp;</TD>
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  <TD><P STYLE="font: 15pt Arial,sans-serif; margin: 12pt 0pt 9pt; text-align: justify; color: rgb(89,89,89)"><B>Cash flow from operating activities</B></P>

<P STYLE="font: 19pt Arial,sans-serif; margin: 0; text-align: justify; color: blue"><B><SUP>4Q: R$ 11,810.8 million</SUP></B></P>

<P STYLE="font: 19pt/115% Arial,sans-serif; margin: 0; text-align: justify; color: blue"><B><SUP>FY: R$ 20,642.2 million</SUP></B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 3pt 0 4pt; text-align: justify"><FONT STYLE="line-height: 115%">Cash flow from operating
activities was flat (+</FONT>0.2%) <FONT STYLE="line-height: 115%">compared to R$ 11,792.5 million in 4Q21, and in FY22 decreased by 9.9%
versus R$ 22,901.0 million in FY21, explained mostly by bonus and capex payments in 1Q22 and lower cash generation in CAC and Canada.</FONT></P>
</TD>
  <TD>&nbsp;</TD>
  <TD><P STYLE="font: 15pt/115% Arial,sans-serif; margin: 12pt 0 0; color: #595959"><B>ESG</B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0 18pt; text-align: justify">&nbsp;<IMG SRC="abevpr4q226k_002.jpg" ALT=""></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 24pt 0 4pt; text-align: justify">As part of our decarbonization plan, we ended the
year with 11 carbon neutral plants, with additional three carbon neutral plants delivered in 4Q22: in Brazil, An&aacute;polis brewery
(in the State of Goi&aacute;s), and, in Uruguay, Paysand&uacute; brewery and malting plant, and MUSA malting plant.</P>


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<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="font: 7pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>1</SUP> The following operating and financial information,
unless otherwise indicated, is presented in nominal Reais and prepared according to the International Financial Reporting Standards (&#8220;IFRS&#8221;)
issued by the International Accounting Standards Board (&#8220;IASB&#8221;) and to the accounting practices issued by the Brazilian Accounting
Standards Committee (&quot;CPC&#8221;) and approved by the Brazilian Securities and Exchange Commission (&#8220;CVM&#8221;). The information
herein should be read together with our financial information for the twelve-month period ended December 31, 2022, filed with the CVM
and submitted to the U.S. Securities and Exchange Commission (&#8220;SEC&#8221;).</P>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0; text-align: justify"><SUP>2</SUP> The impacts resulting from applying Hyperinflation
Accounting for our Argentinean subsidiaries, in accordance with IAS 29, are detailed in the section Financial Reporting in Hyperinflationary
Economies - Argentina (page 18).</P>

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<P STYLE="font: 16pt/115% Arial,sans-serif; margin: 12pt 0; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>MANAGEMENT
COMMENTS</B></FONT></P>

<P STYLE="font: 9.5pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify; color: #595959"><B>Another year of double-digit net revenue
and EBITDA growth, led by our Brazilian business momentum</B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">In 2022, we took another step in the journey to transform
our company. Despite headwinds in our international operations, the consistent execution of our platform model coupled with commercial
momentum in Brazil led us to deliver our main ambitions for the year:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Top line growth (+19.8%) driven by net revenue
per hectoliter performance (+16.3%), driven by healthier brands, premiumization and innovation, as well as the disciplined execution of
our revenue management initiatives. Volumes grew by 3.0%, totaling 186 million hectoliters in the year.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">Normalized EBITDA growth of 17.1% on a consolidated
basis, ahead of our growth rate in 2021 (+10.9%) despite increased commodities prices and inflationary pressure on other costs and expenses
across our markets, with both Brazil Beer and Brazil NAB resuming Normalized EBITDA growth in the year (+12.3% and +41.5%, respectively).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0 12pt; text-align: justify">Anticipated commodities headwinds and overall inflation
impacted our costs and expenses (mainly diesel and freight costs in markets that are more dependent on imports) throughout the year, resulting
in consolidated Cash COGS and Cash SG&amp;A increasing by 23.8% and 18.5%, respectively. In Brazil Beer, Cash COGS per hectoliter (excluding
non-Ambev marketplace products) was up 16.6%, at the lower end of our guidance for the year. In 4Q22, despite sustained pressure on costs
and expenses driven by commodities and overall inflation (Cash COGS +20.5% and Cash SG&amp;A +19.5%), the enhanced NR/hl performance (+19.7%)
drove double-digit top and bottom line growth on a consolidated basis (+21.5% and +27.4%, respectively).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 33%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Financial highlights - Ambev consolidated</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;51,374.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;52,169.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;180,368.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;185,749.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">3.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;22,010.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;22,693.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">21.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;72,854.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;79,708.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">19.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;11,514.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;11,707.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">22.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;37,194.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;39,286.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>52.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>51.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-70 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>40 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>51.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>49.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-180 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-130 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;6,784.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;7,109.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>27.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;22,869.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;23,770.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>3.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>17.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>30.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>31.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>50 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>160 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>31.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>29.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-160 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-60 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,747.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,083.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>35.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;13,122.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,891.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>13.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,885.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,299.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>36.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;13,472.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;15,166.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>12.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;0.23&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;0.32&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>37.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;0.81&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;0.92&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>14.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EPS (R$/shares)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;0.24&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;0.33&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>38.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;0.83&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;0.94&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>13.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0 6pt; text-align: justify">Brazil&#8217;s commercial performance continued to
lead the way. Volumes for the year in both Beer and NAB reached all-time-high levels amid a more challenging environment of high inflation
and rising interest rates, with market share gains in both businesses, according to our estimates. Several of our brands were awarded
at Cannes Festival of Creativity and Effie Awards, and the health of our focus beer brands improved once again, supporting the growth
of our premium brands volume in the high-teens for the year. And in 4Q22, despite the cold and rainy weather in the country, we delivered
Brazil Beer&#8217;s best fourth quarter in our history in terms of volumes, supported by FIFA World Cup&#8482; activations. In NAB, we
reached all-time-high number of customers thanks to improved distribution with BEES, and our energy, functional and diet-light-zero portfolio
grew in the high-twenties in the year.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">In FY22, revenue per hectoliter performance accelerated
versus last year (+13.5%) in both beer and NAB, thanks to the disciplined execution of our revenue management strategy coupled with premiumization.
As a result, top line increased by double-digit (+17.4% in beer and +34.2% in NAB) and EBTIDA was back to growth despite anticipated commodities
headwinds (+12.3% and +41.5%, respectively, with a 120bps margin expansion in the NAB business).</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">On the other hand, our international operations had softer
performances in 2022, particularly CAC and Canada.</P>


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<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">In CAC, volumes declined by 12.1% and top line was down
3.9% as the region was affected by supply chain disruptions in the first half of the year, bad weather, and high inflation in the second
half. In 4Q22, our disciplined commercial execution led to overall sequential improvement.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">As for Canada, we delivered top line growth (+3.0%) in
spite of volumes declining (-2.8%) due to a softer industry. However, top line growth was more than offset by pressures on costs and distribution
expenses, resulting in EBITDA decline (-7.3%). In 4Q22 the results were consistent with the full year, with top line increasing by 1.9%
despite volume decline (-5.4%) and EBITDA decreasing by 4.2%.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">In LAS, we delivered NR/hl growth (+43.8%, accelerating
to +56.4% in 4Q22) in the year, translating into both top line and EBITDA increases (+46.2% and +60.1%, respectively). Volumes for the
full year grew by 1.7% thanks to a resilient performance in Argentina and Bolivia continued recovery from COVID-19 impacts. In 4Q22, volumes
decreased (-1.6%), mainly driven by a soft industry amid a highly inflationary environment in Argentina and, to a lesser extent, in Chile.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0 6pt; text-align: justify"><FONT STYLE="color: #595959"><B>Ambev as a platform</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: white"><SUP>[3][4]</SUP></FONT></B></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-align: justify">In view of the opportunity to leverage our five-pillar platform
in the context of the FIFA World Cup&#8482;, during this quarter we delivered consistent results in each of such pillars:</P>

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

<P STYLE="font: 10pt Arial,sans-serif; margin-top: 0; margin-bottom: 0; text-align: center"><IMG SRC="abevpr4q226k_003.jpg" ALT="">&nbsp;</P>

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

<P STYLE="font: 7pt Arial,sans-serif; margin: 0"><SUP>3</SUP> According to a study produced by the Stilingue platform, at the request
of <I>UOL M&iacute;dia e Marketing</I>.</P>

<P STYLE="font: 7pt Arial,sans-serif; margin: 0"><SUP>4</SUP> According to the newspaper &#8220;<I>O Estado de S&atilde;o Paulo</I>&#8221;.</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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #595959"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify; color: #595959"><B>ESG</B></P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify">In 2022, we continued to evolve in our ESG strategy,
becoming part of the Corporate Sustainability Index (ISE B3) of the Brazilian Stock Exchange, which includes 69 stocks, belonging to 27
different sectors. Also, all members of our Executive Board had an ESG-related target, which represented an important step towards integration
of ESG into our business strategy.</P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; color: #595959"><FONT STYLE="text-transform: uppercase">Environment</FONT></P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify"><I>Water</I></P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify">In 2022, our Basins and Forests Program in partnership
with the NGOs The Nature Conservancy and World Wildlife Fund Brasil reached 1.9 million trees planted and more than 830 hectares restored
in 12 years of consistent action. Thanks to the consistency and positive impact of our program, our CEO, Jean Jereissati, was chosen Basin
Champion by the Water Resilience Coalition &#8211; WRC, an international initiative to reduce water stress in the world by 2050, led by
CEOs of large companies, the United Nations Global Compact and NGOs with expertise in the topic.</P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify"><I>Climate Action</I></P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify">In 4Q22, we announced another three carbon neutral plants
&#8211; in Brazil, An&aacute;polis brewery (in the State of Goi&aacute;s), and in Uruguay, Paysand&uacute; brewery and malting plant,
and MUSA malting plant &#8211;, ending 2022 with a total of 11 carbon neutral operations that combined will avoid the emission of 30 thousand
tons of CO2, the equivalent to removing four thousand cars from the streets. In 2022, we also reached 100% of renewable electric energy
in our operations of Brazil, Argentina, Paraguay, Chile and Uruguay, adding to the Dominican Republic, Panama and Guatemala (where we
had reached such threshold in 2021). Also, our brewery <I>Cachoeiras de Macacu</I> (located in the State of Rio de Janeiro) was our first
brewery in Brazil to produce steam using sanitary landfill biomethane fuel. By combining these initiatives, we already managed to reduce
carbon emissions from scopes 1 and 2 by more than 40% since 2017, keeping our commitments for 2025 on track.</P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify"><I>Circular Packaging</I></P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify">We continued to progress in our commitment to eliminate
plastic pollution from our packaging until 2025, having achieved over 50% of this commitment.</P>

<P STYLE="font: 10pt/120% Arial,sans-serif; margin: 12pt 0; text-align: justify">The table below shows the updated status of the main
KPIs related to our sustainability goals for 2025 (as of December 2022), for which we have made good progress.</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 5%; border-top: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%; border-top: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 26%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: white 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>BRAZIL</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>LAS</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>CAC</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>CANADA</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>AMBEV</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Goal<BR>
2025</B></FONT></TD>
    <TD STYLE="width: 7%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Status<BR>
x Goal</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>WATER<BR>
Steward.</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Watersheds &amp; Forests</B><BR>
(High risk sites in implementation phase as per 7-Step charter)<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">75%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>92%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>On Track</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Arial,sans-serif; margin: 0"><B>AMA</B></P>
    <P STYLE="font: 8pt Arial,sans-serif; margin: 0">(Number of people benefitted)</P></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">630,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>630,000</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">1,000,000</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: center"><B>CLIMATE</B></P>
    <P STYLE="font: 8pt Arial,sans-serif; margin: 0; text-align: center"><B>ACTION</B></P></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Renewable energy</B><BR>
(% of total electric energy contracted)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">92%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">40.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>97%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>GHG emission &#8211; Intensity (kg CO2e/Hl)</B><BR>
(% reduction of CO2 emissions versus baseline (2017); Scope 1, 2 and 3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">12,4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">31%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">60,7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">9.9%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>17.4%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">25%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>GHG emission &#8211; Intensity (kg CO2e/Hl)</B><BR>
(% reduction of CO2 emissions versus baseline (2017); Scope 1 and 2 &#8211; Owned Operations)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">59%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">29%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">66%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">26.8%</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>48.3%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="4" STYLE="border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>CIRCULAR<BR>
PACKAGING</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Glass</B><BR>
(% of glass used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">49.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">44.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">54.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">38.5%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>47.8%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>On Track</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Aluminum</B><BR>
(% of aluminum used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">76.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">75.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">64.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">68.3%</FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>75.2%</B></FONT></TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Plastic (PET)</B><BR>
(% of plastic used that was recycled)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">40.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">10.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">18.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>32%</B></FONT></TD>
    <TD STYLE="border-bottom: black 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">&#8805; 50.1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: black 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Worse</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Plastic Commitment</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">54.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>54.9%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>On Track</B></FONT></TD></TR>
  <TR>
    <TD ROWSPAN="3" STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>SUSTAINABLE AGRICULTURE</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Skilled producers</B><SUP>(2)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">82%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>89%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Connected producers</B><SUP>(3)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">87%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>92%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #595959 1pt dotted; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: #595959 1pt dotted; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Better</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 8pt"><B>Financially empowered producers</B><SUP>(4)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">90%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>94%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #F2F2F2; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Better</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">7-Step Charter consists of: (i) engagement, (ii) problem identification/prioritization,
(iii) agreed solutions, (iv) plan implementation, (v) governance, (vi) communication, and (vii) monitoring. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Producer must have (i) access to a variety of crops approved by Ambev for
production, (ii) technical protocol for production, and (iii) at least two technical visits during the culture cycle.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt">(3)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Producer must be registered in SmartBarley platform or another similar platform
(e.g. ManejeBem).</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 14.2pt"><FONT STYLE="font-size: 8pt">(4)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 8pt">Producer has access to the tools to reduce production risks (e.g. agricultural
insurance, specific financing etc.).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0 6pt; text-align: justify; color: #595959"><FONT STYLE="text-transform: uppercase">Social</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">In 2022 we launched &#8220;Bora&#8221;, a productive inclusion
program that has three pillars: knowledge, financial support and connections. The purpose of &#8220;Bora&#8221; is to create opportunities
for five million people over the next 10 years, helping Brazilians facing poverty and supporting those seeking a job or growth opportunities
for their businesses. &#8220;Bora&#8221; impacted approximately 51,000 people during the year.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">Our Smart Drinking platform also reached relevant milestones
in the year, as we exceeded our commitment to impact 2.5 million consumers by 52%, with actions such as awareness campaigns, use of platform
tools, launch of products that support the smart drinking agenda, and activation in events highlighting moderation.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">With respect to our goal of ensuring quality water access
for 1 million people by 2025 by using the profits arising out of our AMA water, in 2022 we reached 630 thousand people (200% achievement
of the target set for the year). Beyond Brazil, the project was replicated in Bolivia, with the launch of the water brand SOMOS, that
donates 2 Bolivian Bolivianos for each liter of water sold for water accessibility projects.</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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #595959"><FONT STYLE="text-transform: uppercase">&nbsp;</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify; color: #595959"><FONT STYLE="text-transform: uppercase">Governance</FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0 12pt; text-align: justify">In 2022, we evolved our corporate governance through
the restructuring of our Board Advisory Committees. We created the People Committee to focus on diversity &amp; inclusion and compensation
matters, while the scope of the Operations, Finance and Compensation Committee was adjusted to focus on operational and financial matters.
We also created a &#8220;Governance Committee&#8221;, which includes not only the scope of the former Related Parties and Antitrust Committee
but also ESG, cybersecurity and data privacy and protection matters. For more information, please refer to https://ri.ambev.com.br/en/corporate-governance/management/.</P>

<P STYLE="font: 12pt/115% Arial,sans-serif; margin: 12pt 0 6pt; text-align: justify; color: #595959"><B>2023 OUTLOOK</B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">We will continue to lead and grow the category, digitize
and monetize our ecosystem and optimize our business by focusing on our platform framework, and on our customers and consumers, as well
as working collaboratively with the other stakeholders within our ecosystem.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">We start the year better prepared for the opportunities
that lie ahead, while there may continue to be short-term challenges. The opportunities are significant:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">In Brazil, we will work to keep momentum
by continuing to develop our core plus and premium brands, bring innovation to the category, and scaling up BEES and Z&eacute; Delivery
will continue to be key for both beer and non-alcoholic businesses.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/115% Century Gothic,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">In LAS, our focus will be to keep operational
momentum in Argentina by continuing to invest behind our above core brands and to develop our digital initiatives, BEES and <I>Ta Da</I>,
our DTC platform in the region.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt; color: windowtext">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: windowtext">In CAC, sustained recovery
will remain a priority and we will continue to focus on </FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0E101A">reigniting
demand for our portfolio by activating key selling moments via brand and trade investments, and a disciplined commercial execution, which
will include the development and consolidation of </FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: windowtext">our
digital platform with BEES and <I>Ta Da</I>, our DTC platform for the region. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: windowtext">In Canada, we will continue
to work to resume momentum by boosting investments in our core plus, premium and beyond beer brands, and focusing on our ability to meet
customer and consumer needs.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">In FY23, as we look to sustain our top line momentum built
over the past three years, we expect our net revenue growth to be more driven by net revenue per hectoliter performance than volumes.
In terms of costs, we expect to face less input cost pressure than in FY22: our average BRL/USD hedge rate for 2023 is 5.10 (-4.7%), and
aluminum hedges are also a tailwind. Assuming current commodity prices, we expect our Cash COGS per hectoliter in Brazil Beer (excluding
non-Ambev marketplace products) to increase between 6.0-9.9%, weighted more towards the first half of the year given the timing of commodity
hedges.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">Profitability will remain a priority, both in terms of
return on invested capital, as well as margins. We will work to deliver Normalized EBITDA growth on a consolidated basis ahead of our
17.1% growth in 2022.</P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="width: 20%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; color: #BA0C2F"><B>ambev.com.br</B></P></TD><TD STYLE="border-bottom: rgb(186,12,47) 4pt solid; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; text-align: right; color: #404040"><B>Press Release &ndash; March 2, 2023</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0 6pt; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>KEY
MARKETS PERFORMANCES</B></FONT></P>

<P STYLE="font: 9.5pt/105% Arial,sans-serif; margin: 6pt 0 0; text-align: justify; color: #595959"><B>Brazil Beer: top line momentum continues</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0E101A; font: 11pt/110% Century Gothic,sans-serif; margin-top: 4pt; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><B>Operating performance:</B> the continued
return of out of home consumption occasions combined with the execution of our commercial strategy during the FIFA World Cup&#8482; led
to a 4.0% volume growth, with the highest quarterly volumes in history. Net revenue was up 16.9%, with NR/hl growing sequentially and
by 12.4% versus 4Q21, due to revenue management initiatives coupled with positive brand mix. Cash COGS/hl increased by 18.3% (18.4% excluding
the sale of non-Ambev products on the marketplace), mostly driven by anticipated commodities headwinds and FX. Normalized EBITDA was up
9.8%. In FY22, net revenue was up 17.4% (volumes +3.5% and NR/hl +13.4%), and Normalized EBITDA rose by 12.3%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/110% Franklin Gothic Book,sans-serif; margin-top: 4pt; margin-bottom: 4pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; font-size: 9.5pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 9.5pt"><B>Commercial highlights:</B> brand health
of our focus brands increased versus 4Q21 as a result of consistent investments and a more consumer centric approach. Our premium brands
continued to outperform by growing volumes in the twenties, led by Original, Chopp Brahma, Stella Artois, and Corona. Core brands remained
resilient, delivering a mid-single digit volume growth, and, within our core plus portfolio, Spaten almost doubled its volumes versus
4Q21 performance. Returnable glass bottles continued to gain weight, and our pipeline of new product offerings remained above 15% of our
revenues in the quarter. As for our B2B and DTC platforms, 74% of BEES customers are now marketplace buyers, and Z&eacute; Delivery fulfilled
over 16 million orders, with GMV up 13% while reaching almost 4.8 million MAU thanks to its increased awareness.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Brazil Beer</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 8pt"><SUP>5</SUP></FONT></B></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;25,585.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,019.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;26,605.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">4.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">4.0%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9,232.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,562.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;10,794.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;360.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;44.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;405.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">12.4%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">12.4%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,431.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(970.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(5,401.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">21.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">21.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(173.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(29.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(203.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,025.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(924.9)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,950.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">23.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">23.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(157.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(28.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(186.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">18.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">18.3%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,801.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;591.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,392.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>12.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>12.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>52.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-200 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-200 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,608.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(464.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,073.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.8%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(280.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(95.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(376.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">34.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">34.1%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,889.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(560.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,449.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">19.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">19.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;191.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;36.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;104.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;332.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">73.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">46.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,103.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;36.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;135.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,275.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>8.2%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>6.4%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>22.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>21.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-170 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-210 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,789.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;36.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;277.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,103.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>11.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>9.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>30.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>28.7%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-150 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-180 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 1pt/110% Arial,sans-serif; margin: 2pt 0; text-align: justify; color: #0E101A">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: black"><B>Brazil Beer</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;90,835.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;3,207.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;94,042.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">3.5%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;30,537.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;5,320.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;35,857.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">17.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">17.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;336.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;45.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;381.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">13.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">13.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(15,382.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(3,383.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(18,765.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">22.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">22.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(169.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(30.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(199.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">17.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">17.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(13,859.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(3,218.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(17,077.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">23.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">23.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(152.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(29.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(181.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">19.0%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;15,155.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;1,937.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;17,092.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>12.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>12.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>49.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>47.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-190 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-190 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(8,873.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,389.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(10,262.9)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">15.7%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">15.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,102.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(148.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,251.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">13.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">13.5%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(9,975.5)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,538.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(11,514.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">15.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">15.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;1,711.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(155.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;329.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;1,884.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">47.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;6,890.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(155.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;728.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;7,463.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>8.3%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>12.4%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>22.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>20.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-180 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-90 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;9,515.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(155.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;1,041.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;10,401.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>9.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>12.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>31.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>29.0%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-220 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-120 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial,sans-serif; color: #4B3A2E; margin: 0; text-align: justify"><FONT STYLE="color: black">&nbsp;</FONT></P>

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<P STYLE="color: #4B3A2E; font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>5</SUP></FONT>
<FONT STYLE="color: black">In 4Q22, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products
on the marketplace, were R$&nbsp;396.5 (12.1% organic growth) and R$&nbsp;(178.2) (18.4% organic growth), respectively. In FY22, net revenue
per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;371.4 (12.0% organic
growth) and R$&nbsp;(172.7) (16.6% organic growth), respectively. The scope change in Brazil Beer refers to tax credits and related effects.</FONT></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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/105% Arial,sans-serif; margin: 6pt 0; text-align: justify; color: #595959"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/105% Arial,sans-serif; margin: 6pt 0; text-align: justify; color: #595959"><B>Brazil NAB: another quarter of double-digit
top line and bottom line growth</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book,sans-serif; margin-top: 12pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; color: #0E101A; line-height: 115%">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; color: #0E101A; line-height: 115%"><B>Operating performance:</B>
volume was up 6.6%, continuing to benefit from the acceleration of out of home consumption occasions, expanded distribution with BEES
and consistent execution of our commercial strategy. Net revenue increased by 25.7%, with </FONT><FONT STYLE="font-family: Arial,sans-serif; line-height: 115%">NR/hl
<FONT STYLE="color: #0E101A">growing by 17.9% and improving sequentially, driven by revenue management initiatives combined with positive
brand and package mix, led by premium portfolio and single serves, respectively. Normalized </FONT></FONT><FONT STYLE="font-family: Arial,sans-serif; color: #0E101A">EBITDA
grew by <FONT STYLE="line-height: 115%">20.1%.</FONT> In FY22, net revenue rose by <FONT STYLE="line-height: 115%">34.2% (</FONT>volumes
+12.0% and NR/hl +19.8%), and Normalized EBITDA <FONT STYLE="line-height: 115%">increased by 41.5%</FONT>.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book,sans-serif; margin-top: 12pt; margin-bottom: 12pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; line-height: 115%">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><B>Commercial highlights:</B> <FONT STYLE="line-height: 115%">our
brands gained market share once again, according to our estimates, with premium, energy drinks and health &amp; </FONT>wellness brands
continuing to <FONT STYLE="line-height: 115%">outperform in volumes, led mainly by Red Bull, H2OH!, Gatorade and our diet/light/zero portfolio</FONT>.
Guaran&aacute; Antarctica delivered high-single digit volume growth in the quarter, while Pepsi Black more than doubled its volumes versus
4Q21. We kept growing the share of innovations within our portfolio in the quarter and in FY22 innovations already represented over 15%
of our non-alcoholic products, representing an increase of more than 58% versus 2021. We were also awarded the bottler of the year for
Pepsico in Latin America.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Brazil NAB</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 8pt"><SUP>6</SUP></FONT></B></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;8,470.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;561.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9,032.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">6.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">6.6%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,609.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;413.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,022.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">25.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">25.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;190.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;33.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;223.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.9%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.9%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(906.7)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(212.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,118.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">23.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">23.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(107.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(16.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(123.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">15.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">15.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(853.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(207.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,060.4)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">24.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">24.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(100.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(16.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(117.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.6%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;702.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;201.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;903.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>28.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>28.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>43.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>44.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>110 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>110 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(438.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(170.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(608.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">38.8%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">38.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(39.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(20.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(60.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">52.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">52.2%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(478.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(190.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(669.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">39.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">39.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;77.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;6.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;44.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;128.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">66.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">53.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;301.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;6.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;54.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;362.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>20.3%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>17.8%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>18.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>17.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-80 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-120 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;394.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;6.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;80.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;481.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>22.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>20.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>24.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>23.8%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-70 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-110 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0; text-align: justify; color: #0E101A">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: black"><B>Brazil NAB</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;28,695.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;3,446.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;32,141.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">12.0%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;5,049.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;1,728.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;6,777.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">34.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">34.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;176.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;34.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;210.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">19.8%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">19.8%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(2,927.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,044.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(3,971.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">35.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">35.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(102.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(21.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(123.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">21.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">21.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(2,718.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,028.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(3,747.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">37.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">37.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(94.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(21.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(116.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">23.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">23.1%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;2,122.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;684.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;2,806.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>32.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>32.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>42.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>41.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-60 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-60 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,445.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(362.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,808.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">25.1%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">25.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(148.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(51.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(199.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">34.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">34.8%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,594.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(413.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(2,008.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">26.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">26.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;384.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(29.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;121.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;476.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">24.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">55.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;912.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(29.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;392.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;1,275.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>39.7%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>52.4%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>18.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>18.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>70 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>200 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;1,270.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(29.5)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;459.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;1,699.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>33.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>41.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>25.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>25.1%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-10 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>120 bps</I></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 8pt Arial,sans-serif; color: #4B3A2E; margin: 0"><FONT STYLE="color: black">&nbsp;</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 8pt Arial,sans-serif; margin: 0"><FONT STYLE="color: #4B3A2E"><SUP>6</SUP></FONT> <FONT STYLE="color: black">The
scope change in Brazil NAB refers to tax credits and related effects.</FONT></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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial,sans-serif; margin: 0; color: #595959"><FONT STYLE="letter-spacing: 1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 0; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>BRAZIL</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Brazil</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 8pt; color: #595959"><SUP>7</SUP></FONT></B></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;34,056.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,581.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;35,637.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">4.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">4.6%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;10,841.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,975.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;12,816.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">18.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">18.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;318.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;41.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;359.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">13.0%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">13.0%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(5,337.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,182.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(6,520.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">22.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">22.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(156.7)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(26.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(183.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,878.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,132.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(6,010.9)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">23.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">23.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(143.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(25.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(168.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.7%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,503.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;792.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;6,296.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>14.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>14.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>49.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-170 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-170 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,046.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(635.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,682.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">20.8%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">20.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(320.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(116.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(436.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">36.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">36.3%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,367.4)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(751.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,118.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">22.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">22.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;268.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;42.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;149.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;460.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">71.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">48.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,404.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;42.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;190.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,638.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>9.7%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>7.8%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>22.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>20.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-160 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-200 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,184.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;42.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;357.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,584.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>12.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>11.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>29.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>28.0%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-140 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-180 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Brazil</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;119,530.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;6,653.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;126,184.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">5.6%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;35,586.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;7,049.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;42,635.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">19.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">19.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;297.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;40.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;337.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">13.5%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">13.5%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(18,309.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,427.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(22,736.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">24.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(153.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(27.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(180.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(16,577.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,247.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(20,824.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">25.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">25.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(138.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(26.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(165.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">19.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">19.0%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17,277.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,621.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;19,898.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>15.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>15.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>48.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>46.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-190 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-190 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(10,319.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,751.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(12,070.9)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.0%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,250.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(200.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,451.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.0%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11,569.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,952.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(13,522.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">16.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,096.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(185.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;450.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,361.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">12.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">49.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;7,803.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(185.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,120.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;8,738.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>12.0%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>16.9%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>21.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>20.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-140 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-40 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;10,786.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(185.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,501.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;12,101.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>12.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>15.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>30.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>28.4%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-190 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-90 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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


<P STYLE="color: #4B3A2E; font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>7</SUP></FONT>
<FONT STYLE="color: black">In 4Q22, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products
on the marketplace, were R$&nbsp;352.7 (12.7% organic growth) and R$&nbsp;(162.8) (17.9% organic growth), respectively. In FY22, net revenue
per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;330.5 (12.3% organic
growth) and R$&nbsp;(158.4) (17.0% organic growth), respectively. The scope change in Brazil refers to tax credits and related effects.</FONT></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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #595959"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/105% Arial,sans-serif; margin: 6pt 0; text-align: justify; color: #595959"><B>Central America and the Caribbean (CAC):
some sequential improvement but continued volume decline </B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book,sans-serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol; color: #0E101A">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; color: #0E101A"><B>Operating performance: </B>volumes declined
by 13.4%, led by the Dominican Republic and Panama.</FONT> <FONT STYLE="font-family: Arial,sans-serif">In the Dominican Republic, volumes
sequentially improved but continued to be behind last year. In Panama, volumes continued to be impacted by competitive dynamics in the
traditional channel, and we have not yet recovered previous market share loss. <FONT STYLE="color: #0E101A">As a result, net revenue declined
by 5.7%, with NR/hl growing by 9.0% due to revenue management initiatives. Inflationary pressure also impacted our costs, mainly with
respect to commodities, fuel and ocean freight since the region relies on a higher mix of imported products. Normalized EBITDA decreased
by 10.6%. In FY22, net revenue decreased by 3.9% (volumes -12.1% and NR/hl +9.3%), and Normalized EBITDA was down 14.4%.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book,sans-serif; margin-top: 6pt; margin-bottom: 6pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><B>Commercial highlights:</B> we remained focused on reigniting
demand for our portfolio by activating key selling moments. The number of customers buying in the marketplace reached over 86% and 54%
of BEES&#8217; customers in the Dominican Republic and Panama, respectively, with the former achieving all-time-high Net Promoter Score
(NPS).</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>CAC</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 8pt"><SUP>8</SUP></FONT></B></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,595.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(483.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,112.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-13.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-13.4%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,929.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(48.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(166.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,714.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-7.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-5.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;814.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(15.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;73.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;872.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">7.0%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">9.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,438.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;30.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;71.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,336.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-7.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-5.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(400.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(39.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(429.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">7.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">9.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,300.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;27.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;76.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,196.4)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-8.0%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-5.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(361.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(31.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(384.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">6.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">8.7%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,491.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(18.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(95.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,378.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-7.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-6.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-10 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-40 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(490.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;55.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(425.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-13.3%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-11.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(63.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(68.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(130.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">104.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">107.5%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(554.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;11.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(12.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(555.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">2.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(86.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(84.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;939.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(7.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(194.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;738.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-21.4%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-20.7%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>%&nbsp;Normalized&nbsp;Operating&nbsp;margin&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>32.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>27.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-490 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-510 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,140.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(11.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(120.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,008.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-11.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-10.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>38.9%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>37.2%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-170 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-200 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt/115% Arial,sans-serif; margin: 0; text-align: justify; color: #0E101A">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: black"><B>CAC</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;13,401.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,615.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;11,786.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-12.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-12.1%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;9,947.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(120.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(386.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;9,440.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-3.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;742.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(10.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;68.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;801.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">7.9%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">9.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,727.9)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;79.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(212.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,860.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">4.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(352.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;6.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(66.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(412.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">16.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">18.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,275.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;74.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(216.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,417.9)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">3.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">5.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(319.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;6.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(62.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(374.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">17.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">19.5%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;5,219.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(41.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(598.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;4,579.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-12.3%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-11.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>52.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>48.5%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-400 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-420 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,768.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;27.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;104.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,637.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-7.4%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-5.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(224.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;4.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(141.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(362.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">61.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">63.0%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,993.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;31.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(37.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1,999.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">0.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">1.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;12.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(65.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(52.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">nm</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;3,238.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(10.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(701.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;2,526.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-22.0%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-21.7%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>%&nbsp;Normalized&nbsp;Operating&nbsp;margin&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>32.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>26.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-580 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-610 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;3,915.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(19.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(564.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;3,331.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-14.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-14.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>39.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>35.3%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-410 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-440 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial,sans-serif; color: #4B3A2E; margin: 0; text-align: justify"><FONT STYLE="color: black">&nbsp;</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>8</SUP></FONT>
<FONT STYLE="color: black">In 4Q22, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products
on the marketplace, were R$&nbsp;837.4 (7.7% organic growth) and R$&nbsp;(352.3) (8.5% organic growth), respectively. In FY22, net revenue
per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;759.0 (5.7% organic
growth) and R$&nbsp;(335.2) (14.5% organic growth), respectively.</FONT></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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/105% Arial,sans-serif; margin: 6pt 0; text-align: justify; color: #595959"><B>Latin America South (LAS): strong NR/hl
performance continuing to drive sustained Normalized EBITDA growth</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book,sans-serif; margin-top: 8pt; margin-bottom: 8pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 17.85pt"></TD><TD STYLE="width: 17.85pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><B>Operating performance: </B>volumes decreased by 1.6% due
to declining beer industries amid high inflationary environments in Argentina and Chile, and unusually low temperatures in Paraguay. Bolivia,
however, continued to recover from COVID-19 sanitary restrictions, delivering a positive volume performance. Net revenue was up 54.0%,
with NR/hl rising by 56.4% driven by revenue management initiatives in a highly inflationary environment coupled with positive brand mix,
as above core brands continued to outperform the rest of the portfolio. Although COGS and SG&amp;A continued to be impacted by inflationary
pressures, mainly on commodities prices and fuel, especially in Argentina, Chile and Paraguay, Normalized EBITDA grew by 93.6% in the
quarter. In FY22, net revenue increased by 46.2% (volumes +1.7% and NR/hl +43.8%), and Normalized EBITDA was up 60.1%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4B3A2E; font: 11pt/110% Century Gothic,sans-serif; margin-top: 8pt; margin-bottom: 8pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #0E101A; line-height: 110%"><B>Commercial
highlights:</B> our brands&#8217; health improved versus 4Q21 in most of the region, with a highlight to Andes Origen, Corona and Stella
Artois in Argentina. Our core plus and premium brands continued gaining mix in Paraguay and Chile, in the latter, driven by Budweiser
and Corona. Our key innovations in Bolivia increased sequentially once again, with Chicha and 235ml returnable presentations gaining weight.
We continued the expansion of BEES in Argentina and Paraguay, with over 65% and 80% of total customers buying through the platform, respectively.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>LAS</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 8pt; color: #595959"><SUP>9</SUP></FONT></B></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;11,402.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(179.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;11,222.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-1.6%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-1.6%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,640.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,846.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,256.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,764.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,814.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-14.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">54.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;494.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(431.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;87.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;279.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;429.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-13.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">56.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,664.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,050.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(589.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(981.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,184.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-18.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">40.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(233.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;182.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(44.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(99.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(194.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-16.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">42.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,442.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,825.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(527.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(862.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,006.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-17.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">38.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(214.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;162.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(40.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(87.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(178.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-16.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">40.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,976.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(2,796.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;666.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,783.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,629.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-11.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>66.2%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>%&nbsp;Gross&nbsp;margin&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>52.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>54.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>180 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>420 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,331.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,185.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(308.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(483.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(937.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-29.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">40.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(122.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;114.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(35.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(45.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(87.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-28.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">41.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,453.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,300.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(343.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(528.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,025.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-29.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">40.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;31.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(76.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;13.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;191.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;160.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,554.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,572.3)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;336.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,446.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,764.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>13.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>101.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>27.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>36.7%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>910 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>860 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,897.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,911.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;434.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,610.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,030.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>7.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>93.6%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>%&nbsp;Normalized&nbsp;EBITDA&nbsp;margin&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>33.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>42.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>860 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>870 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 5pt Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>LAS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;37,511.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;622.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;38,134.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1.7%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1.7%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="6" STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;16,571.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(9,066.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,627.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;7,238.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;17,371.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">4.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">46.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;441.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(237.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;57.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;193.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;455.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">43.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(8,235.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,131.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,240.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,208.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(8,553.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">41.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(219.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;108.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(28.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(84.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(224.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">2.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">38.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,405.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,690.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,117.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,920.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,753.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">41.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(197.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;96.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(25.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(77.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(203.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">39.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;8,335.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(4,934.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,386.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,030.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;8,818.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>5.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>51.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>%&nbsp;Gross&nbsp;margin&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>50.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>50 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>180 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,018.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,243.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(635.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,613.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,024.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">42.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(366.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;225.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(71.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(184.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(396.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">8.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">53.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,384.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,468.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(707.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,798.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,421.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">0.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">43.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;38.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(100.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;25.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;228.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;192.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,989.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(2,565.9)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;705.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,460.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,589.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>15.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>65.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>24.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>26.4%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>230 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>320 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,186.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(3,233.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;899.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,932.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,785.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>11.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>60.1%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>%&nbsp;Normalized&nbsp;EBITDA&nbsp;margin&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>31.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>33.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>200 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>300 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial,sans-serif; color: #4B3A2E; margin: 0; text-align: justify"><FONT STYLE="color: black">&nbsp;</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>9</SUP></FONT>
<FONT STYLE="color: black">In 4Q22, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products
on the marketplace, were R$&nbsp;427.7 (55.6% organic growth) and R$&nbsp;(177.5) (38.8% organic growth), respectively. In FY22, net revenue
per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;452.7 (42.7% organic
growth) and R$&nbsp;(200.7) (36.8% organic growth), respectively. Reported numbers are presented applying Hyperinflation Accounting for
our Argentinean operations, as detailed on page 18.</FONT></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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify; color: #595959"><B>Canada: continued beer market share
momentum, but volume shortfall driven by a soft beer industry</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0E101A; font: 11pt/115% Century Gothic,sans-serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt"><B>Operating performance:</B> a soft beer
industry performance driven by poor weather resulted in a 5.4% volume decline. Net revenue grew by 1.9%, with a 7.7% NR/hl increase primarily
due to revenue management initiatives. Inflation kept pressuring COGS and SG&amp;A, mainly by commodities and fuel, respectively, leading
to a 4.2% Normalized EBITDA decrease. In FY22, net revenue rose by 3.0% (volumes -2.8% and NR/hl +6.0%), and Normalized EBITDA was down
7.3%.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Franklin Gothic Book,sans-serif; margin-top: 11.85pt; margin-bottom: 6pt; color: #0E101A"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif"><B>Commercial highlights: </B>our beer brands gained market
share for the fifth consecutive quarter according to our estimates, primarily driven by the above core segments, led by Michelob Ultra
and Corona, and our craft portfolio.</FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Canada</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 8pt"><SUP>10</SUP></FONT></B></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,321.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(124.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,196.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-5.4%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,600.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(302.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;50.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,347.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,120.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(137.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;86.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,068.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-4.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">7.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,056.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;123.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(943.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-10.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(455.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;56.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(30.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(429.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">6.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(984.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;115.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11.4)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(880.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-10.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(424.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;52.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(29.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(400.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">6.9%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,543.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(179.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;39.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,403.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-9.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>2.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>59.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>59.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>40 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>30 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,050.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;14.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;119.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(66.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(983.5)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-6.4%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">6.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(67.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(70.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">17.0%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,118.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;14.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;128.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(78.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,053.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-5.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">7.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(0.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">-189.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;423.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(51.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(35.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;352.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-16.8%&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-8.3%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>16.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>15.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-130 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-160 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;562.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(68.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(23.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;485.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-13.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>-4.2%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>21.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>20.7%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-90 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><I>-130 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0; text-align: justify; color: #0E101A">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 36%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: black"><B>Canada</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;9,924.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(279.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;9,645.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-2.8%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;10,748.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;2.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(812.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;322.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;10,261.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">3.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;1,083.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;0.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(84.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;64.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;1,063.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-1.8%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">6.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,386.9)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(6.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;337.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(215.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,271.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-2.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">4.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS/hl&nbsp;(R$)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(442.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(0.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;35.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(35.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(442.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">7.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,090.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;317.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(236.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,011.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">5.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(412.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(0.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;32.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(36.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(415.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">0.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">8.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Gross&nbsp;profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;6,361.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(4.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(474.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;107.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;5,990.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-5.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>1.7%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>59.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>58.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-80 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-80 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(3,654.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(7.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;293.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(342.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(3,711.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">1.6%&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">9.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(243.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;24.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(95.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(314.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">29.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">39.4%&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(3,897.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(8.4)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;318.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(438.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(4,026.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">3.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">11.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(23.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(1.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;38.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;12.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-155.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">-165.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;2,441.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(13.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(157.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(292.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;1,976.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-19.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-12.0%&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Normalized Operating margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>22.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>19.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-340 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-330 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;2,981.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(8.2)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(202.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;(218.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;2,551.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-14.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>-7.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>27.7%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>24.9%&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-280 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><I>-270 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial,sans-serif; color: #4B3A2E; margin: 0; text-align: justify"><FONT STYLE="color: black">&nbsp;</FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #4B3A2E; font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>10</SUP></FONT>
<FONT STYLE="color: black">The scope change in Canada refers to the former joint venture named Fluent Beverages focused on research and
commercialization, within Canada only, of non-alcoholic beverages containing tetrahydrocannabinol (THC) and cannabidiol (CBD), both derived
from cannabis.</FONT></P>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="width: 20%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; color: #BA0C2F"><B>ambev.com.br</B></P></TD><TD STYLE="border-bottom: rgb(186,12,47) 4pt solid; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; text-align: right; color: #404040"><B>Press Release &ndash; March 2, 2023</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0; color: #0E101A"><B>&nbsp;</B></P>

<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 6pt 0; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>AMBEV
CONSOLIDATED</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 7pt; color: black"><B>Ambev</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; font-size: 8pt"><SUP>11</SUP></FONT></B></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">51,374.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">794.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">52,169.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">1.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">1.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">22,010.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(5,198.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">1,256.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">4,623.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">22,693.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">21.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">428.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(99.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">21.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">84.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">435.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">1.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">19.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(10,496.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">2,204.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(589.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(2,103.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(10,985.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">20.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(204.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">42.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(10.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(38.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(210.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">18.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(9,607.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">1,969.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(527.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(1,929.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(10,094.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">5.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">20.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(187.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">37.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(9.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(34.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(193.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">18.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>11,514.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>(2,994.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>666.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>2,520.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>11,707.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>1.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>22.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><I>%&nbsp;Gross&nbsp;margin&nbsp;</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>52.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>51.6%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>-70bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>40bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(5,919.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">14.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">1,314.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(308.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(1,129.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(6,028.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">1.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">19.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(573.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">125.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(35.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(241.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(724.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">26.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">43.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">SG&amp;A&nbsp;total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(6,493.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">14.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">1,439.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(343.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(1,371.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(6,753.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">4.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">21.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">300.6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">42.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(76.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">13.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">258.9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">539.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">79.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">75.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>5,321.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>57.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>(1,630.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>336.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>1,407.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>5,493.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>3.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>26.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">% Normalized Operating margin</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>24.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>24.2%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>0bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>110bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(155.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(14.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">26.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(2.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">81.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(65.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">-58.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">-53.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Net&nbsp;finance&nbsp;results&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(987.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(1,079.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(74.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(21.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">-71.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">(357.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">755.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>3,747.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>5,083.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>35.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>3,607.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>4,966.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>37.7%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">139.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">116.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">-16.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>3,885.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>5,299.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>36.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>3,745.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>5,182.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>38.4%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>6,784.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>57.6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>(1,991.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>434.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>1,824.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>7,109.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>4.8%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>27.4%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>30.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>31.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>50bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><I>160bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 2pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 35%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 7pt"><B>Ambev</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>Scope</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>Currency Translation</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>IAS 29 <BR>
9M Impact</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>Organic Growth</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>FY22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>% As Reported</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: white 1pt solid; border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>% Organic</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;180,368.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;5,381.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;185,749.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;72,854.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;2.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(9,999.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;2,627.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;14,223.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;79,708.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">19.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net revenue/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;403.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(53.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;13.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;65.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;429.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">16.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(35,659.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(6.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;4,548.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(1,240.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(8,063.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(40,422.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">13.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">22.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS/hl (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(197.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;24.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(6.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(38.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(217.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">10.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">19.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(32,348.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(1.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;4,081.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(1,117.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(7,621.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(37,006.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">14.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">23.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS/hl excl. deprec. &amp; amort. (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(179.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;22.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(5.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(36.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(199.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">11.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">20.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;37,194.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;(4.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;(5,450.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;1,386.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;6,160.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;39,286.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>5.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>16.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><I>% Gross margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>51.1%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>49.3%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>-180 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>-130 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(19,760.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(7.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;2,563.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(635.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(3,604.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(21,445.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">8.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">18.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(2,085.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(0.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;254.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(71.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(622.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(2,524.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">21.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">30.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(21,845.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(8.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;2,818.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(707.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(4,226.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(23,969.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">19.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;2,124.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(186.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(101.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;25.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;652.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;2,513.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">18.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">68.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;17,473.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;(199.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;(2,733.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;705.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;2,586.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;17,831.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>2.0%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>16.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">% Normalized Operating margin</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>24.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: white"><I>0.0%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>22.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>-160 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>-70 bps</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Exceptional items above EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(392.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(14.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;43.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(8.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;229.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(143.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-63.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-59.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(3,205.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(3,423.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(115.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(29.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-74.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;(636.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;655.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;13,122.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;14,891.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>13.5%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;12,671.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;14,457.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>14.1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Attributable to non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;451.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">&nbsp;433.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-4.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B>Normalized profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;13,472.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;15,166.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>12.6%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B>Attributable to Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;13,019.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;14,731.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>13.2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;22,869.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;(193.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;(3,455.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;899.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;3,650.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>&nbsp;23,770.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>3.9%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B>17.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><I>% Normalized EBITDA margin</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>31.4%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>29.8%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>-160 bps</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><I>-60 bps</I></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Arial,sans-serif; color: #4B3A2E; margin: 0; text-align: justify"><FONT STYLE="color: black">&nbsp;</FONT></P>

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

<P STYLE="color: #4B3A2E; font: 8pt Arial,sans-serif; margin: 0; text-align: justify"><FONT STYLE="color: #4B3A2E"><SUP>11</SUP></FONT>
<FONT STYLE="color: black">In 4Q22, net revenue per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products
on the marketplace, were R$&nbsp;427.9 (19.4% organic growth) and R$&nbsp;(187.3) (18.6% organic growth), respectively. In FY22, net revenue
per hectoliter and Cash COGS per hectoliter, excluding the sale of non-Ambev products on the marketplace, were R$&nbsp;420.9 (15.2% organic
growth) and R$&nbsp;(191.7) (18.4% organic growth), respectively. The scope changes refer to (i) tax credits and related effects in Brazil;
and (ii) the former joint venture named Fluent Beverages focused on research and commercialization, within Canada only, of non-alcoholic
beverages containing tetrahydrocannabinol (THC) and cannabidiol (CBD), both derived from cannabis.</FONT></P>



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<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 0 0 12pt; color: #595959"><FONT STYLE="letter-spacing: 1pt"><B>OTHER OPERATING INCOME/EXPENSES</B></FONT></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: black"><B>Other operating income/(expenses)</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Government grants/NPV of long term fiscal incentives</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;273.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;408.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;853.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;1,289.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Credits/(debits) taxes extemporaneous</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;0.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;1,219.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;1,013.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">(Additions to)/reversals of provisions&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(43.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(19.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(71.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;(77.2)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Gain/(loss) on disposal of fixed assets, intangible assets and operations in associates</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;47.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;23.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;66.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;88.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black">Net&nbsp;other&nbsp;operating&nbsp;income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;22.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;126.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;57.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black">&nbsp;199.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Other&nbsp;operating&nbsp;income/(expenses)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;300.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;539.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;2,124.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: black"><B>&nbsp;2,513.9&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>EXCEPTIONAL
ITEMS</B></FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">Exceptional items correspond to (i) restructuring expenses
primarily linked to centralization and sizing projects in Brazil and LAS, (ii) exceptional expenses incurred in relation to the COVID-19
pandemic, including actions taken to ensure the health and safety of our employees, such as the acquisition of hand-sanitizer, masks and
enhanced cleaning of our facilities, as well as donations to the broader community, (iii) investment write-off of a business line in Canada,
and (iv) distribution agreement with our strategic partner in Guatemala.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 60%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Exceptional Items</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Restructuring</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(44.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(47.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(165.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(101.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">IAS&nbsp;29/CPC&nbsp;42&nbsp;(hyperinflation)&nbsp;application&nbsp;effect</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(8.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COVID-19 impact</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(25.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(134.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(16.7)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Write-off of investments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(16.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(16.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Distribution agreement</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(82.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(82.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Exceptional Items&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(155.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(65.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(392.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(143.3)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 14pt Arial,sans-serif; margin: 0; color: #595959"><FONT STYLE="letter-spacing: 1.05pt"><B>&nbsp;</B></FONT></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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt Arial,sans-serif; margin: 0; color: #595959"><FONT STYLE="letter-spacing: 1pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>NET
FINANCE RESULTS</B></FONT></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify; background-color: white">Net finance results in 4Q22
totaled R$&nbsp;(1,079.9 million), with a decrease of R$ 92.4 million compared to 4Q21, broken down as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #4B3A2E; font: 11pt/115% Century Gothic,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: black">Interest income totaled R$
532.7 million, mainly explained by: (i) interest income of R$ 332.0 million from cash balance investments mainly in Brazil, and </FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt">(ii)
<FONT STYLE="color: black">interest rate update on Brazilian tax credits of R$ 124.0 million.</FONT></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Interest expense totaled R$ 679.2 million, mainly impacted by: (i) fair value adjustments of payables
as determined by IFRS 13 (CPC 46) of R$ 364.8 million, (ii) CND put option interest accruals of R$ 45.4 million, (iii) fiscal incentives
interest accruals of R$ 39.4 million, and (iv) lease liabilities interest accruals of R$ 40.9 million in accordance with IFRS16 (CPC 06
R2).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Losses on derivative instruments of R$ 531.3 million, mainly explained by: (i) hedging carry costs related
to our FX exposure of US$ 600 million in Argentina, with approximately 105% carry cost, and (ii) hedging carry costs related to our FX
exposure of US$ 2.0 billion in Brazil, with approximately 7.5% carry cost.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Losses on non-derivative instruments of R$ 177.8 million, mainly explained by non-cash losses on intercompany
balance sheet consolidation and third-party payables.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Taxes on financial transactions of R$ 126.3 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Other financial expenses of R$ 360.4 million, mainly explained by accruals on legal contingencies, letter
of credit expenses, bank fees and update of contingent amounts relating to an acquisition in Canada.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt/115% Arial,sans-serif; margin-top: 12pt; margin-bottom: 12pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 36pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Non-cash financial income of R$ 262.3 million resulting from the adoption of Hyperinflation Accounting
in Argentina.</TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 56%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Net finance results</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Interest income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;300.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;532.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,101.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,167.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Interest expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(442.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(679.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,431.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,328.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Gains/(losses)&nbsp;on&nbsp;derivative&nbsp;instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(862.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(531.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,540.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,158.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Gains/(losses) on non-derivative instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;41.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(177.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(334.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(618.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Taxes&nbsp;on&nbsp;financial&nbsp;transactions&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(101.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(126.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(216.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(339.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other net financial income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(190.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(360.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(706.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(749.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Hyperinflation Argentina</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;268.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;262.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;922.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,603.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Net finance results&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(987.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,079.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(3,205.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(3,423.2)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10.5pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>DEBT
BREAKDOWN</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: black"><B>Debt breakdown</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt; color: black"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><I>R$ million</I></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Local Currency</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;689.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;1,737.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;2,426.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;754.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;2,077.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;2,832.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Foreign Currency</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;157.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;516.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;674.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;228.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;710.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;938.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Consolidated Debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>&nbsp;847.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>&nbsp;2,253.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>&nbsp;3,100.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>&nbsp;982.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>&nbsp;2,788.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>&nbsp;3,770.7&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Cash and Cash Equivalents less Bank Overdrafts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;16,597.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;14,852.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black">Current Investment Securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;1,914.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black">&nbsp;454.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt; color: black"><B>Net debt/(cash)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>&nbsp;(15,411.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt; color: black"><B>&nbsp;(11,535.9)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Arial,sans-serif; margin: 0">&nbsp;</P>

<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>PROVISION
FOR INCOME TAX &amp; SOCIAL CONTRIBUTION</B></FONT></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 54%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Income tax and social contribution</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Profit before tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,104.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,327.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;13,759.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,235.7 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Adjustment on taxable basis</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Non-taxable other income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(145.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(125.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(611.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(883.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Government grants (VAT)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(576.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(786.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,883.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,535.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;74.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;21.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;115.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;29.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Expenses not deductible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;39.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;47.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;99.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;192.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Worldwide taxation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(24.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;454.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(360.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;679.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: white"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,471.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,938.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;11,119.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;11,718.5 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B><I>Aggregated weighted nominal tax rate</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>26.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>29.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>27.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>29.5%</I></B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Taxes &#8211; nominal rate </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(931.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,158.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(3,045.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(3,453.3)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Adjustment on tax expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax incentive</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;41.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;67.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;213.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;234.0 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Tax benefit - interest on shareholders' equity</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;935.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,631.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,516.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,079.9 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Tax benefit - amortization on tax books</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;19.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;77.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;27.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Withholding income tax</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(393.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(99.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(876.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(164.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Argentina's hyperinflation effect</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(37.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(51.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(123.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(249.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other tax adjustments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;363.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;601.3 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;181.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #886D4B 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Income tax and social contribution expense</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(357.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;755.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(636.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #886D4B 1pt dotted; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;655.6 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B><I>Effective tax rate</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>8.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>-17.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>4.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B><I>-4.6%</I></B></FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>SHAREHOLDING
STRUCTURE</B></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0 0 12pt; text-align: justify">The table below summarizes Ambev S.A.&#8217;s shareholding
structure as of December 31, 2022.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Ambev S.A.'s shareholding structure</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 48%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 34%; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Ordinary Shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Outs</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Anheuser-Busch InBev</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9,729,587,467&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">61.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">FAHZ</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,609,987,301&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">10.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Market</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,402,159,923&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">28.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Outstanding&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;15,741,734,691&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>100.0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Treasury</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;8,482,160&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;15,750,216,851&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Free float B3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,990,876,482&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">19.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Free float NYSE</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,411,283,441&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">9.0%</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify; border-bottom: Black 0.5pt solid"><B>FINANCIAL REPORTING
IN HYPERINFLATIONARY ECONOMIES - ARGENTINA</B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">Following the categorization of Argentina as a country
with a three-year cumulative inflation rate greater than 100%, the country is considered highly inflationary in accordance with IFRS.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">Consequently, starting from 4Q18, we have been reporting
the operations of our Argentinean affiliates applying Hyperinflation Accounting. The IFRS and CPC rules (IAS 29/CPC 42) require the results
of our operations in hyperinflationary economies to be reported restating the year-to-date results adjusting for the change in the general
purchasing power of the local currency, using official indices, before converting the local amounts at the closing rate of the period
(i.e., December 31, 2022 closing rate for 4Q22 and FY22 results).</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">The FY22 Hyperinflation Accounting adjustment results
from the combined effect of (i) the indexation to reflect changes in purchasing power on the FY22 results against a dedicated line in
the finance results; and (ii) the difference between the translation of the FY22 results at the closing exchange rate of December 31,
2022, and the translation using the average year to date rate on the reported period, as applicable to non-inflationary economies.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">The impacts in 4Q21, FY21, 4Q22 and FY22 on Net Revenue
and Normalized EBITDA were as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 59%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Impact of Hyperinflation Accounting (IAS 29/CPC42)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 11%; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Revenue</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Indexation(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;632.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;779.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;1,340.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,521.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Currency(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(121.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,630.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(366.0)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(2,789.1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Total Impact</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;510.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(850.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;974.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(267.9)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Indexation(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;191.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;194.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;414.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;783.1&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Currency(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(38.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(566.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(118.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(947.2)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Total Impact</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;153.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(371.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;295.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(164.1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>ARS/BRL average rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17.5915&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;24.7939&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>ARS/BRL closing rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;18.4116&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;33.9460&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;18.4116&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;33.9460&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/115% Century Gothic,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial,sans-serif">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">Indexation calculated at each period&#8217;s closing exchange
rate.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt/115% Century Gothic,sans-serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Arial,sans-serif">(2)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Arial,sans-serif">Currency impact calculated as the difference between converting
the Argentinean Peso (ARS) reported amounts at the closing exchange rate compared to the average exchange rate of each period.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">Furthermore, IAS 29 requires adjusting non-monetary assets
and liabilities on the balance sheet of our operations in hyperinflationary economies for cumulative inflation. The resulting effect from
the adjustment until December 31, 2017 was reported in Equity and, the effect from the adjustment from this date on, in a dedicated account
in the finance results, reporting deferred taxes on such adjustments, when applicable.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">In 4Q22, the transition to Hyperinflation Accounting
in accordance with the IFRS rules resulted in (i) a positive R$ 262.3 million adjustment reported in the finance results, (ii) a negative
impact on the Profit of R$ 98.5 million, (iii) a negative impact on the Normalized Profit of R$ 103.1 million, and (iv) a negative impact
of R$ 0.01 on EPS, as well as on Normalized EPS.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">In FY22, the consequences of the transition were (i)
a positive R$ 1,603.5 million adjustment reported in the finance results, (ii) a positive impact on the Profit of R$ 410.7 million, (iii)
a positive impact on the Normalized Profit of R$ 407.6 million, and (iv) a positive impact of R$ 0.03 on EPS, as well as on Normalized
EPS.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">The organic 4Q results are calculated by deducting from
the FY results the YTD September results as published. Consequently, LAS and Consolidated 4Q22, 4Q21, FY22 and FY21 results are impacted
by the</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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">adjustment of YTD September results for the cumulative
inflation between reporting periods, as well as by the translation of YTD September results at the FY closing exchange rate, of December
31, as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 43%; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>LAS - 9M As Reported</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="width: 12%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD>
    <TD STYLE="width: 9%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;16,571.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(9,066.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;7,238.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;17,371.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">46.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(8,235.7)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,131.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,208.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(8,553.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">41.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,405.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,690.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,920.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,753.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">41.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;8,335.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(4,934.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,030.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;8,818.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">51.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,018.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,243.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,613.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,024.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">42.8%&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A&nbsp;deprec.&nbsp;&amp;&nbsp;amort.&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(366.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;225.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(184.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(396.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">53.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,384.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,468.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,798.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,421.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">43.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;38.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(100.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;228.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;192.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized&nbsp;EBIT&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,989.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(2,565.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,460.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,589.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>65.4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,186.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(3,233.3)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,932.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,785.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>60.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>LAS&nbsp;-&nbsp;9M&nbsp;Recalculated&nbsp;at&nbsp;FY&nbsp;Exchange&nbsp;Rates&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net&nbsp;revenue&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;17,089.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11,303.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;8,494.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;16,908.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">52.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(8,470.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,171.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,798.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(8,337.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">47.1%&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;excl.&nbsp;deprec.&nbsp;&amp;&nbsp;amort.&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,609.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,611.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,447.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,562.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">47.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;8,618.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(6,131.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,696.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;8,570.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">57.9%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,156.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,805.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,921.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,908.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">49.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(379.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;286.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(220.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(384.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">61.7%&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,535.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,092.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,141.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,292.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">50.2%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;38.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(116.6)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;241.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;189.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">nm</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,121.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(3,156.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;2,796.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,467.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>71.9%&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,362.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(4,002.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,367.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,626.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>66.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>LAS - 9M Recalculation Impact in 4Q</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic&nbsp;Growth&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;517.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,236.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,256.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(462.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(234.8)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,039.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(589.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;215.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(203.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;921.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(527.2)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;190.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;282.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,197.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;666.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(247.8)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(138.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;562.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(308.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;116.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(12.5)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;60.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(35.4)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;12.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(150.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;623.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(343.4)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;129.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other&nbsp;operating&nbsp;income/(expenses)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(0.3)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(16.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;13.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBIT</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;131.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(590.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;336.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(122.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;175.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>&nbsp;-&nbsp;&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(768.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;434.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(159.1)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>LAS&nbsp;3M, 6M&nbsp;and&nbsp;9M&nbsp;Recalculation&nbsp;Impact&nbsp;in&nbsp;FY&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Scope&nbsp;</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Currency Translation</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>Organic Growth</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD>
    <TD STYLE="border-right: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>% Organic</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">905.7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(3,223.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">2,627.3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">309.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(404.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1,500.6</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(1,240.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(144.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">COGS&nbsp;excl.&nbsp;deprec.&nbsp;&amp;&nbsp;amort.&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(348.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">1,333.3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(1,117.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(132.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>501.2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,722.4)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,386.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>165.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A excl. deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(246.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">819.0</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(635.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(63.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A deprec. &amp; amort.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(22.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">88.7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(71.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(5.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">SG&amp;A total</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(269.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">907.7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(707.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(68.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(1.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(21.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">25.7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">2.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized&nbsp;Operating&nbsp;Profit&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>230.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>(836.6)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>705.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>99.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized&nbsp;EBITDA&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>309.0</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>(1,092.5)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>899.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>116.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify">In the corresponding sections, the impacts above are
excluded from organic calculation and are identified separately in the columns labeled &#8220;IAS 29 9M Impact&#8221;. <FONT STYLE="background-color: yellow"><BR STYLE="clear: both">
</FONT></P>


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<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0; text-align: justify; color: #595959; border-bottom: Black 0.5pt solid"><B>RECONCILIATION
BETWEEN NORMALIZED EBITDA &amp; PROFIT</B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">Both Normalized EBITDA and Normalized Operating Profit
are measures used by Ambev&#8217;s management to measure the Company&#8217;s performance.</P>

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

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

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">Normalized EBITDA and Normalized Operating Profit are
not accounting measures under accounting practices in Brazil, IFRS or the United States of America (US GAAP) and should not be considered
as an alternative to Profit as a measure of operational performance or an alternative to Cash Flow as a measure of liquidity. Normalized
EBITDA and Normalized Operating Profit do not have a standard calculation method and Ambev&#8217;s definition of Normalized EBITDA and
Normalized Operating Profit may not be comparable to that of other companies.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 64%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>Reconciliation - Profit to EBITDA</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Profit - Ambev holders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,607.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,966.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;12,671.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,457.9 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Non-controlling interest</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;139.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;116.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;451.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;433.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;357.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(755.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;636.6 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(655.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Profit before taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,104.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,327.5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;13,759.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,235.7 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Share&nbsp;of&nbsp;results&nbsp;of&nbsp;joint&nbsp;ventures&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;74.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;21.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;115.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;29.1 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;987.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,079.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,205.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,423.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Exceptional&nbsp;items</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;155.4 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;65.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;392.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;143.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,321.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,493.6 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17,473.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17,831.2 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Depreciation &amp; amortization &#8211; total*</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,462.5 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,615.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,396.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,939.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;6,784.4 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;7,109.3 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;22,869.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;23,770.9 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Exceptional items without write-off of investments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(155.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(48.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(392.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(126.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Share&nbsp;of&nbsp;results&nbsp;of&nbsp;joint&nbsp;ventures&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(74.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(21.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(115.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(29.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;6,554.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;7,039.7 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;22,361.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: #BA0C2F 1pt dotted; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;23,615.1 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">* <FONT STYLE="font-size: 7pt">Includes write-off of investments.</FONT></P>


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

<P STYLE="font: 14pt/115% Century Gothic,sans-serif; margin: 0 0 12pt; color: #595959; border-bottom: Black 0.5pt solid"><FONT STYLE="letter-spacing: 1pt"><B>4Q
2022 EARNINGS CONFERENCE CALL</B></FONT></P>

<P STYLE="font: 10.5pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<TABLE BORDER="0" CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 11pt">
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle; width: 13%">Speakers:</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle; width: 33%">Jean Jereissati Neto</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom; width: 2%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom; width: 50%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: italic bold 10pt Arial, sans-serif; vertical-align: middle">Chief Executive Officer</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: italic bold 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">Lucas Machado Lira</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: italic bold 10pt Arial, sans-serif; vertical-align: middle">Chief Financial and Investor Relations Officer</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: italic bold 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">Language:</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">English and Portuguese (simultaneous translation)</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">Date:</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">March 2, 2023 (Thursday)</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">Time:</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">13:30 (Bras&iacute;lia)</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">11:30 (New York)</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">Phone number:</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">Brazil participants</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">+55 (11) 4090-1621 / +55 (11) 3181-8565</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">US participants (toll free)</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">+1 (844) 204-8942&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">International participants</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">+1 (412) 717-9627</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="font: 10pt Arial, sans-serif; vertical-align: middle">Conference ID:</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font: 10pt Arial, sans-serif; vertical-align: middle">Ambev</TD>
    <TD STYLE="font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, sans-serif; vertical-align: bottom">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 12pt; text-align: center; color: red">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">English: <FONT STYLE="color: #3D859C"><U>https://choruscall.com.br/ambev/4q22.htm</U></FONT></P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0">Portuguese: <FONT STYLE="color: #3D859C"><U>https://choruscall.com.br/ambev/4t22.htm</U></FONT></P>

<P STYLE="font: 12pt Verdana,sans-serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="width: 38%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><B>Guilherme Yokaichiya</B></TD>
    <TD STYLE="width: 32%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><B>Mariana Sabadin</B></TD>
    <TD STYLE="width: 30%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center"><B>Tatiana Coimbra Castello Branco</B></TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; line-height: 115%"><FONT STYLE="color: #3D859C; line-height: 115%"><B><U>Guilherme.yokaichiya@ambev.com.br</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; line-height: 115%"><FONT STYLE="color: #3D859C; line-height: 115%"><B><U>mariana.sabadin@ambev.com.br</U></B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 12pt; padding-left: 3.5pt; font-family: Arial,sans-serif; text-align: center; line-height: 115%"><FONT STYLE="color: #3D859C; line-height: 115%"><B><U>tatiana.branco@ambev.com.br</U></B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 0 0 12pt; text-align: center; text-indent: 36pt; color: #3D859C"><B><U>ri.ambev.com.br</U></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: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 14pt/115% Arial,sans-serif; margin: 12pt 0; color: #595959; border-bottom: Black 0.5pt solid"><B>NOTES</B></P>

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

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">Unless stated, percentage changes in this press release
are both organic and normalized in nature. Whenever used in this document, the term &#8220;normalized&#8221; refers to performance measures
EBITDA and Operating Profit before exceptional items and share of results of joint ventures and to performance measures Profit and EPS
before exceptional items adjustments. Exceptional items are either income or expenses which do not occur regularly as part of the normal
activities of the Company. They are presented separately because they are important for the understanding of the underlying sustainable
performance of the Company due to their size or nature. Normalized measures are additional measures used by management and should not
replace the measures determined in accordance with IFRS as indicators of the Company&#8217;s performance. Comparisons, unless otherwise
stated, refer to the fourth quarter of 2021 (4Q21). Values in this release may not add up due to rounding.</P>

<P STYLE="font: 10pt/115% Arial,sans-serif; margin: 6pt 0; text-align: justify">Statements contained in this press release may contain
information that is forward-looking and reflects management&#8217;s current view and estimates of future economic circumstances, industry
conditions, Company performance, and finance results. Any statements, expectations, capabilities, plans and assumptions contained in this
press release that do not describe historical facts, such as statements regarding the declaration or payment of dividends, the direction
of future operations, the implementation of principal operating and financing strategies and capital expenditure plans, the factors or
trends affecting financial condition, liquidity or results of operations, are forward-looking statements within the meaning of the U.S.
Private Securities Litigation Reform Act of 1995 and involve a number of risks and uncertainties. There is no guarantee that these results
will occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions,
and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.</P>

<P STYLE="font: 10pt Arial,sans-serif; margin: 0; text-indent: 74.5pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 7pt"><B>Ambev - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Ambev</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 24%; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>4Q22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">25,585.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">26,605.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">4.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">8,470.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9,032.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">34,056.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">35,637.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">4.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3,595.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3,112.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-13.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">11,402.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">11,222.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-1.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,321.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,196.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-5.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">51,374.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">52,169.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>R$ million</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9,232.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">10,794.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">16.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,609.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,022.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">25.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">10,841.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">12,816.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">18.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,929.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,714.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-5.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">5,640.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">4,814.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">54.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,600.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,347.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">22,010.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">22,693.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">21.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>41.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>47.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>7.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>8.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>49.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>56.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>13.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>12.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>25.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>21.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>11.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>10.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(4,431.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(5,401.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">21.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(906.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(1,118.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">23.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(5,337.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(6,520.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">22.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(1,438.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(1,336.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-5.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(2,664.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(2,184.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">40.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(1,056.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(943.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(10,496.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(10,985.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">20.5%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>42.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>49.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>8.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>10.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>50.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>59.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>13.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>12.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>25.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>19.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>10.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>8.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">4,801.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">5,392.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">702.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">903.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">28.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">5,503.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6,296.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">14.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,491.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,378.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,976.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,629.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">66.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,543.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,403.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">11,514.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">11,707.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">22.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>41.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>46.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>6.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>7.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>47.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>53.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>13.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>11.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>25.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>22.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>13.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>12.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(2,889.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(3,449.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">19.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(478.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(669.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">39.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(3,367.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(4,118.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">22.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(554.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(555.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(1,453.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(1,025.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">40.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(1,118.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(1,053.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(6,493.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(6,753.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">21.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>44.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>51.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>7.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>9.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>51.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>61.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>8.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>8.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>22.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>15.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>17.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>15.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">191.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">332.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">46.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">77.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">128.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">53.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">268.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">460.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">48.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(84.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">31.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">160.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(2.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">300.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">539.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">75.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>63.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>61.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>25.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>23.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>89.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>85.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>0.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>-15.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>10.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>29.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>-0.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>0.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,103.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,275.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">301.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">362.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">17.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,404.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,638.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">7.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">939.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">738.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-20.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,554.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,764.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">101.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">423.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">352.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">5,321.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">5,493.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">26.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>39.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>41.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>5.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>6.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>45.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>48.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>17.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>13.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>29.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>32.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>8.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>6.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,789.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3,103.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">394.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">481.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">20.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3,184.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3,584.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">11.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,140.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,008.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-10.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,897.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2,030.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">93.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">562.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">485.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-4.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6,784.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">7,109.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">27.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>41.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>43.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>5.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>6.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>46.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>50.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>16.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>14.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>28.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>28.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>8.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>6.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of net revenue</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-48.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-50.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-56.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-55.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-49.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-50.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-49.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-49.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-47.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-45.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-40.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-40.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-47.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-48.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">52.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">50.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">43.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">44.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">50.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">49.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">50.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">50.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">52.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">54.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">59.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">59.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">52.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">51.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-31.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-32.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-29.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-33.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-31.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-32.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-18.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-20.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-25.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-21.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-43.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-44.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-29.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-29.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">4.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">0.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">22.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">21.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">18.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">17.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">22.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">20.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">32.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">27.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">27.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">36.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">16.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">15.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">30.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">28.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">24.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">23.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">29.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">28.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">38.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">37.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">33.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">42.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">21.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">20.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">30.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">31.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>Per hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">360.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">405.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">12.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">190.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">223.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">17.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">318.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">359.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">13.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">814.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">872.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">494.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">429.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">56.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,120.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1,068.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">7.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">428.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">435.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">19.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(173.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(203.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">17.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(107.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(123.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">15.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(156.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(183.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">16.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(400.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(429.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(233.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(194.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">42.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(455.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(429.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(204.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(210.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">18.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">187.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">202.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">8.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">82.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">20.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">161.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">176.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">414.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">442.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">8.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">261.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">234.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">68.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">665.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">639.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">8.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">224.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">224.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">20.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(112.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(129.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">14.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(56.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(74.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">31.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(98.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(115.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">16.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(154.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(178.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">18.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(127.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(91.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">42.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(481.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(479.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">13.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(126.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(129.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">19.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">7.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">12.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">40.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">9.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">14.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">43.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">7.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">12.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">41.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">0.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(27.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">14.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">(0.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">5.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">10.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">72.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">82.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">85.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">2.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">35.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">40.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">10.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">70.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">74.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">261.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">237.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-8.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">136.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">157.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">104.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">182.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">160.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">-3.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">103.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">105.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">25.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">109.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">116.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">46.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">53.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">12.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">93.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">100.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">6.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">317.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">324.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">3.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">166.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">180.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">96.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">242.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">221.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">1.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">132.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">136.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 6pt">25.5%</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="width: 20%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; color: #BA0C2F"><B>ambev.com.br</B></P></TD><TD STYLE="border-bottom: rgb(186,12,47) 4pt solid; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; text-align: right; color: #404040"><B>Press Release &ndash; March 2, 2023</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 7pt"><B>Ambev - Segment financial information</B></FONT></TD>
    <TD COLSPAN="9" STYLE="border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Brazil</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>CAC</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>LAS</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Canada</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Ambev</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>Organic results</I></B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Beer</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>NAB</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>Consolidated</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 31%; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY21</B></FONT></TD>
    <TD STYLE="width: 4%; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>FY22</B></FONT></TD>
    <TD STYLE="width: 3%; border-bottom: #BA0C2F 1pt solid; border-right: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: center"><FONT STYLE="font-size: 6pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Volume ('000 hl)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">90,835.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">94,042.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">3.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">28,695.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">32,141.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">119,530.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">126,184.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">13,401.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">11,786.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-12.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">37,511.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">38,134.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">9,924.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">9,645.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-2.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">180,368.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">185,749.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">3.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>R$ million</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">30,537.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">35,857.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5,049.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">6,777.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">34.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">35,586.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">42,635.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">19.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">9,947.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">9,440.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-3.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">16,571.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17,371.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">46.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">10,748.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">10,261.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">3.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">72,854.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">79,708.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">19.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>41.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>45.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>6.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>48.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>53.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>11.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>21.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(15,382.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(18,765.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">22.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(2,927.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,971.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">35.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(18,309.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(22,736.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">24.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,727.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,860.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">4.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(8,235.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(8,553.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">41.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,386.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,271.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">4.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(35,659.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(40,422.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">22.9%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>43.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>46.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>9.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>51.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>56.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>23.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>21.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>12.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>10.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">15,155.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17,092.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,122.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,806.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">32.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17,277.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">19,898.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">15.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5,219.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">4,579.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-11.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">8,335.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">8,818.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">51.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">6,361.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5,990.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">37,194.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">39,286.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">16.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>40.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>43.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>5.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>46.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>50.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>11.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>15.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(9,975.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(11,514.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">15.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,594.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(2,008.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">26.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(11,569.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(13,522.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">16.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,993.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(1,999.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,384.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,421.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">43.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(3,897.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(4,026.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">11.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(21,845.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(23,969.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">19.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>45.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>48.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>53.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>56.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>9.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>8.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>20.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>16.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1,711.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1,884.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">47.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">384.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">476.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">55.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,096.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,361.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">49.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(52.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">38.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">192.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(23.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-165.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,124.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,513.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">68.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>80.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>75.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>19.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>98.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>93.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>0.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-2.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>1.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>-1.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>0.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">6,890.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">7,463.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">912.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1,275.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">52.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">7,803.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">8,738.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">16.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">3,238.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,526.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-21.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">3,989.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">4,589.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">65.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,441.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1,976.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-12.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17,473.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17,831.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">16.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>39.4%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>41.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>5.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>44.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>49.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>18.5%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>25.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>11.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">9,515.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">10,401.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1,270.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1,699.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">41.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">10,786.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12,101.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">15.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">3,915.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">3,331.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-14.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5,186.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5,785.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">60.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,981.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2,551.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-7.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">22,869.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">23,770.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of total</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>41.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>43.8%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>5.6%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>7.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>47.2%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>50.9%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>17.1%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>14.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>22.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>24.3%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>13.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>10.7%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt"><B><I>100.0%</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>% of net revenue</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">100.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-50.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-52.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-58.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-58.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-51.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-53.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-47.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-51.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-49.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-49.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-40.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-41.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-48.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-50.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">49.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">47.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">42.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">41.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">48.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">46.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">52.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">48.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">50.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">50.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">59.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">58.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">51.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">49.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-32.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-32.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-31.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-29.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-32.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-31.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-20.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-21.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-26.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-25.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-36.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-39.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-30.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-30.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">7.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">7.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-0.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">0.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">2.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">3.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">22.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">20.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">18.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">18.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">21.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">20.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">32.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">26.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">24.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">26.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">22.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">19.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">24.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">22.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">31.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">29.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">25.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">25.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">30.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">28.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">39.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">35.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">31.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">33.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">27.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">24.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">31.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">29.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt"><B><I>Per hectoliter - (R$/hl)</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">336.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">381.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">13.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">176.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">210.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">19.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">297.7</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">337.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">13.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">742.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">801.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">9.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">441.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">455.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">43.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1,083.1</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1,063.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">6.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">403.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">429.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">16.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(169.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(199.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(102.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(123.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">21.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(153.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(180.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(352.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(412.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">18.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(219.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(224.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">38.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(442.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(442.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">7.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(197.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(217.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">19.3%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Gross profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">166.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">181.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">8.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">74.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">87.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">18.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">144.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">157.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">9.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">389.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">388.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">0.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">222.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">231.2</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">49.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">641.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">621.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">4.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">206.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">211.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">13.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(109.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(122.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">11.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(55.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(62.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(96.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(107.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">10.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(148.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(169.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">15.8%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(116.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(115.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">41.3%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(392.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(417.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">14.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(121.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(129.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">16.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">18.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">20.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">42.1%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">13.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">14.8</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">38.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">17.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">18.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">41.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">0.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(4.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">5.1</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">nm</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">(2.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">1.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-167.2%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">11.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">13.5</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">63.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized Operating Profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">75.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">79.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">8.6%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">31.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">39.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">36.0%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">65.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">69.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">10.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">241.6</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">214.4</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-10.9%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">106.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">120.3</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">62.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">246.0</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">205.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-9.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">96.9</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">96.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">12.7%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 6pt">Normalized EBITDA</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">104.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">110.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">8.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">44.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">52.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">26.4%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">90.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">95.9</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">9.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">292.2</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">282.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-2.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">138.3</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">151.7</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">57.5%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">300.4</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">264.6</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">-4.7%</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">126.8</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">128.0</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 5.5pt">13.7%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="width: 20%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; color: #BA0C2F"><B>ambev.com.br</B></P></TD><TD STYLE="border-bottom: rgb(186,12,47) 4pt solid; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; text-align: right; color: #404040"><B>Press Release &ndash; March 2, 2023</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; width: 50%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>CONSOLIDATED BALANCE SHEET</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-top: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 25%; border-top: white 1pt solid; border-left: white 1pt solid; background-color: white; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>December 31, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;16,627.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;14,926.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Investment securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,914.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;454.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;597.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;272.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Trade receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,791.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,349.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;11,000.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;12,923.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax and social contributions receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;631.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,808.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other taxes receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,981.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,044.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,082.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,037.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: white">Total</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;38,627.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;37,816.7&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Investment securities&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;192.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;219.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Derivative financial instruments&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax and social contributions receivable&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;6,326.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,607.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Deferred tax assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,727.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;6,438.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Taxes receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;6,005.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;6,708.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other assets&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,063.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,905.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;27.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;56.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Investments in joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;305.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;331.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;29,224.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;30,055.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Intangible</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;8,689.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9,222.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Goodwill</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;42,411.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;40,594.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: white">Total&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;99,975.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;100,141.4&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;138,602.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;137,958.1&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Trade payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;25,077.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;24,328.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Derivative financial instruments</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;492.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;729.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Interest-bearing loans and borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;847.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;982.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Bank overdrafts</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;30.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;74.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Payroll and social security payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,439.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,335.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Dividends and interest on shareholder&acute;s equity payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,425.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,464.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax and social contribution payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,491.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,118.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Taxes and contributions payable</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;4,585.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,812.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Put option granted on subsidiary and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">2,304.5</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">3,512.8</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;172.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;180.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: white">Total&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;38,866.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>40,540.5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Trade payables&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;617.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;509.4&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Interest-bearing loans and borrowings&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,253.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,788.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,214.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,725.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax and social contribution payable&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,686.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,598.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Taxes and contributions payable&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;704.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;671.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Put option granted on subsidiary and other liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,445.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,896.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Provisions&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;603.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;739.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,194.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,161.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt; color: white">Total&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;15,718.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,089.7&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;54,584.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;54,630.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Issued capital</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;58,042.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;58,130.5&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Reserves</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;86,378.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;92,246.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(61,778.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(68,421.5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Equity attributable to equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;82,643.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;81,955.6&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,374.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,372.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Total Equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;84,017.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;83,327.8&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Total equity and liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;138,602.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;137,958.1&nbsp;</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="width: 20%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; color: #BA0C2F"><B>ambev.com.br</B></P></TD><TD STYLE="border-bottom: rgb(186,12,47) 4pt solid; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; text-align: right; color: #404040"><B>Press Release &ndash; March 2, 2023</B></P></TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 52%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>CONSOLIDATED INCOME STATEMENT</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 11%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 12%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 14%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net revenue</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;22,010.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;22,693.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;72,854.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;79,708.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Cost of goods sold&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(10,496.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(10,985.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(35,659.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(40,422.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;11,514.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;11,707.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;37,194.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;39,286.8&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Distribution&nbsp;expenses&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,909.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,250.9)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(9,932.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11,395.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,200.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,048.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,035.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,337.4)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,383.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,454.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(4,877.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(5,236.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other operating income/(expenses)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;300.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;539.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,124.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2,513.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Operating Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,321.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,493.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;17,473.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;17,831.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Exceptional items</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(155.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(65.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(392.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(143.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,166.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,428.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17,080.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17,687.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net finance results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(987.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,079.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,205.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,423.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Share of results of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(74.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(21.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(115.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(29.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Profit before income tax</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,104.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,327.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;13,759.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,235.7&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(357.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;755.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(636.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;655.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,747.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,083.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;13,122.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,891.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Equity holders of Ambev</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,607.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;4,966.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;12,671.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,457.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Non-controlling&nbsp;interest&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;139.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;116.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;451.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;433.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.23&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.32&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.81&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.92&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.23&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.31&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.80&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.91&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Normalized Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,885.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,299.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;13,472.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;15,166.8&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Normalized basic earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.24&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.33&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.83&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.94&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Normalized diluted earnings per share (R$)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.24&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.33&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.82&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.93&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">N&ordm; of basic shares outstanding (million of shares)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15,738.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15,741.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15,736.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15,741.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">N&ordm; of diluted shares outstanding (million if shares)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15,858.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15,848.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15,857.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15,848.6&nbsp;</FONT></TD></TR>
  </TABLE>
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<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="width: 20%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; color: #BA0C2F"><B>ambev.com.br</B></P></TD><TD STYLE="border-bottom: rgb(186,12,47) 4pt solid; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; text-align: right; color: #404040"><B>Press Release &ndash; March 2, 2023</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: left; width: 50%">&nbsp;<IMG SRC="abevpr4q226k_001.jpg" ALT=""></TD><TD STYLE="font: 9pt Arial, Helvetica, Sans-Serif; text-align: right; width: 50%">Page | <!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence --></TD></TR><TR><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 62%; border-top: white 1pt solid; border-right: white 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt"><B>CONSOLIDATED STATEMENT OF CASH FLOWS</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>4Q22</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; border-left: white 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY21</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: white 1pt solid; border-bottom: #BA0C2F 1pt solid; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>FY22</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: white 1pt solid; border-left: white 1pt solid; border-bottom: #BA0C2F 1pt solid; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><I>R$ million</I></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;3,747.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;5,083.4&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;13,122.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,891.3&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Depreciation, amortization and impairment</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,462.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,632.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,396.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,956.3&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Impairment losses on receivables and inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;59.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;119.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;200.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;351.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Additions/(reversals) in provisions and employee benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;101.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;83.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;244.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;232.7&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net&nbsp;finance&nbsp;cost&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;987.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,079.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,205.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,423.2&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Loss/(gain) on sale of property, plant and equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(79.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(23.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(142.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(88.8)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Equity-settled&nbsp;share-based&nbsp;payment&nbsp;expense&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;80.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;95.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;387.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;313.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax expense</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;357.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(755.9)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;636.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(655.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Share of result of joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;74.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;21.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;115.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;29.1&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Hedge operations results</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(1,852.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(466.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(1,852.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">(466.6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Other non-cash items included in the profit</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,186.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;573.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(17.3)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Cash&nbsp;flow&nbsp;from&nbsp;operating&nbsp;activities&nbsp;before&nbsp;changes&nbsp;in&nbsp;working&nbsp;capital&nbsp;and&nbsp;provisions&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;6,124.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;7,442.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;21,314.7&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;23,969.9&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">(Increase)/decrease in trade and other receivables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,101.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;513.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;341.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(322.5)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">(Increase)/decrease&nbsp;in&nbsp;inventories&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,526.4)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(851.4)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,499.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,088.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Increase/(decrease) in trade and other payables</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5,821.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;3,909.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;6,157.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;726.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Cash generated from operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;11,521.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;11,013.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;24,314.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;21,286.0&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Interest paid</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(166.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(406.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(498.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(826.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Interest&nbsp;received&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;151.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;464.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;377.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,095.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;10.6&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;13.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;6.6&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Income tax and social contributions paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;275.8&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;737.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1,305.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(919.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;11,792.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;11,810.8&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;22,901.0&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;20,642.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Proceeds&nbsp;from&nbsp;sale&nbsp;of&nbsp;property,&nbsp;plant,&nbsp;equipment&nbsp;and&nbsp;intangible&nbsp;assets&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;213.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;35.9&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;301.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;133.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Proceeds from sale of operations in subsidiaries</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;0.5&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Acquisition of property, plant, equipment and intangible assets</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,010.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,035.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(7,677.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(6,533.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Acquisition of subsidiaries, net of cash acquired</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(19.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(0.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(133.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3.0)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Acquisition&nbsp;of&nbsp;other&nbsp;investments&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(0.1)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(5.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(30.0)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">(Investments)/net proceeds of debt securities</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;125.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;904.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(236.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;1,413.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Net&nbsp;proceeds/(acquisition)&nbsp;of&nbsp;other&nbsp;assets&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;10.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15.0&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;15.0&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Cash flow used in investing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(2,680.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,095.7)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(7,734.9)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(5,004.1)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Capital increase</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;5.7&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;9.1&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;23.8&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Proceeds/(repurchase) of shares</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(1.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;2.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(44.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(54.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Acquisition of non-controlling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt; color: white">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(0.1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Proceeds from borrowings</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;50.3&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;71.4&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;315.2&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;274.9&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Repayment&nbsp;of&nbsp;borrowings&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(164.0)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(33.5)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,454.0)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(230.2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Cash net finance costs other than interests</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(604.7)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(483.1)</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(2,089.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(3,255.1)&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Payment&nbsp;of&nbsp;lease&nbsp;liabilities&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(159.5)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(277.7)&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(663.2)</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(854.7)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt">Dividends and interest on shareholders&#8217; equity paid</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(9,617.6)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11,959.8)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(11,115.3)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt">&nbsp;(12,242.3)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(10,491.2)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(12,680.3)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(16,041.8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(16,337.9)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 1pt dotted; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Net&nbsp; increase/(decrease) in Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,378.9)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,965.2)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(875.8)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(699.9)&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Cash and cash equivalents less bank overdrafts at the beginning of the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17,744.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17,273.9&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;17,090.3&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;16,597.2&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Effect of exchange rate fluctuations&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;231.5&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(456.6)&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;382.6&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;(1,045.2)&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif"><FONT STYLE="font-size: 7pt"><B>Cash&nbsp;and&nbsp;cash&nbsp;equivalents&nbsp;less&nbsp;bank&nbsp;overdrafts&nbsp;at&nbsp;the&nbsp;end&nbsp;of&nbsp;the&nbsp;year&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;16,597.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,852.1&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;16,597.2&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BA0C2F 2.25pt double; background-color: #F2F2F2; padding-right: 3.4pt; padding-left: 3.4pt; font-family: Arial,sans-serif; text-align: right"><FONT STYLE="font-size: 7pt"><B>&nbsp;14,852.1&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Arial,sans-serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 28; Options: NewSection -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Gray 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD>&nbsp;</TD><TD>&nbsp;</TD><TD STYLE="text-align: center">&nbsp;</TD></TR><TR><TD STYLE="width: 20%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; color: #BA0C2F"><B>ambev.com.br</B></P></TD><TD STYLE="border-bottom: rgb(186,12,47) 4pt solid; width: 50%">&nbsp;</TD><TD STYLE="text-align: right; width: 30%"><P STYLE="font: 10pt Arial Narrow,sans-serif; margin: 0; text-align: right; color: #404040"><B>Press Release &ndash; March 2, 2023</B></P></TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 50%">&nbsp;</TD><TD STYLE="width: 50%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->


<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 2, 2023</P>

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