<SEC-DOCUMENT>0001292814-23-001236.txt : 20230329
<SEC-HEADER>0001292814-23-001236.hdr.sgml : 20230329
<ACCEPTANCE-DATETIME>20230329064146
ACCESSION NUMBER:		0001292814-23-001236
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230329
DATE AS OF CHANGE:		20230329

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:		23771700

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>abev20230322_6k1.htm
<DESCRIPTION>FORM 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>

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of 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: 12pt/130% Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>MANAGEMENT PROPOSAL</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>ORDINARY AND EXTRAORDINARY </B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>SHAREHOLDERS&rsquo; MEETINGS</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>MARCH 28, 2023</B></P>


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<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>TABLE OF CONTENTS</B></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%">
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Times New Roman; text-transform: uppercase">
    <TD STYLE="width: 90%; text-align: left; padding-top: 0cm; padding-bottom: 0pt; padding-left: 0cm">A.&nbsp;&nbsp;&nbsp;ORDINARY SHARHEOLDERS&rsquo; MEETING</TD>
    <TD STYLE="width: 10%; text-align: right; padding-top: 0cm; padding-bottom: 0pt"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Times New Roman; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm">B.&nbsp;&nbsp;&nbsp;extraordinary shareholders&rsquo; meeting</TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 0cm"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Times New Roman; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm">exhibit A.I &ndash; comments from the officers</TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 0cm"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Times New Roman; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm">exhibit A.II &ndash; allocation of net profit</TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 0cm"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Times New Roman; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm">exhibit A.III &ndash; information of the candidates to the position of member of the company&rsquo;s board of directors</TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 0cm"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Times New Roman; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm">exhibit A.IV &ndash; information of the candidates of the members of the fiscal council of the company</TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 0cm"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Times New Roman; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm">exhibit A.V &ndash; compensation of the manaGEMENT</TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 0cm"></TD></TR>
  <TR STYLE="text-align: left; vertical-align: bottom; font: bold 11pt Times New Roman; text-transform: uppercase">
    <TD STYLE="text-align: left; padding-top: 0cm; padding-bottom: 0cm; padding-left: 0cm">Exhibit B.I &ndash; report of amendments to the bylaws and restated bylaws</TD>
    <TD STYLE="text-align: right; padding-top: 0cm; padding-bottom: 0cm"></TD></TR>
</TABLE>
<P STYLE="font: 16pt/120% Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 11pt/107% Times New Roman,serif; margin: 0 0 8pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center"><B>AMBEV S.A.</B></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center">CNPJ/ME [National Corporate Taxpayers Register of the
Ministry of Economy] No. 07.526.557/0001-00</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center">NIRE [Corporate Registration Identification Number] 35.300.368.941</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">To the Shareholders,</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">We hereby present the following Management Proposal regarding
the matters set forth in the agenda for the Ordinary and Extraordinary Shareholders&rsquo; Meetings of Ambev S.A. (&ldquo;<U>Company</U>&rdquo;
and &ldquo;<U>AGOE</U>&rdquo;, respectively) to be held, cumulatively, on April 28, 2023, at 2:00 p.m. (&ldquo;<U>Proposal</U>&rdquo;):</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>A.</B></TD><TD STYLE="text-align: justify"><B>Annual Shareholders&rsquo; Meeting:</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>1.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Analysis of the management accounts, examination, discussion and voting on the
financial statements for the fiscal year ended December 31, 2022.</FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">We propose that the Management accounts are approved
and the financial statements relating to the fiscal year ended December 31, 2022, as disclosed on March 2, 2023 on the websites of the
Brazilian Securities Commission (&ldquo;<U>CVM</U>&rdquo;) and the B3 S.A. &ndash; Brasil, Bolsa, Balc&atilde;o, through the Periodic
Information System (<I>Sistema de Informa&ccedil;&otilde;es Peri&oacute;dicas</I>), on the Company&rsquo;s website (<FONT STYLE="color: Blue"><U>www.ri.ambev.com.br</U></FONT>)
and on the newspaper <I>Valor Econ&ocirc;mico</I>.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">We stress that, under the terms of article 10, item III,
of CVM Resolution No. 81, of March 29, 2022 (&ldquo;<U>CVM Resolution 81/22</U>&rdquo;), the information disclosed in <U>Exhibit A.I</U>
to the Proposal reflect our comments on the financial situation of the Company.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>2.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Allocation of the net profits for the year ended December 31, 2022 and ratification
of the payment of interest on own capital for the year ended December 31, 2022, approved by the Board of Directors at the meeting held
on December 6, 2022.</FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">We propose that the net profit for the fiscal year ended
December 31, 2022 be allocated as indicated below, which is defined in detail in <U>Exhibit A.II</U> of the Proposal, prepared in accordance
with article 10, sole paragraph, item II, of CVM Resolution 81/22. It is further proposed to ratify the payment of interest on own capital
relating to the fiscal year ended December 31, 2022, approved by the Board of Directors at the meeting held on December 6, 2022.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 63%; border: Black 1pt solid; font: 11pt/120% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Net Profits</FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/120% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;14,457,942,696.43</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/120% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to the Tax Incentives Reserve</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/120% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;2,018,618,239.04</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/120% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to payment of interest on own capital (gross), declared based on the net profit relating to the fiscal year ended December 31, 2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: right">R$&nbsp;11,999,808,024.92</P>
    <P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/120% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">Amount allocated to the Investments Reserve<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt/120% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Times New Roman,serif">R$&nbsp;3,696,641,677.77</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/120% Calibri,sans-serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 10pt; line-height: 120%"><SUP>(1) </SUP>Including values relating to (i) reversion of effects of the revaluation of fixed assets in the amount of R$ 11,823,167.53; (ii) effect of application of IAS 29/CPC 42 (hyperinflation) in the amount of R$3,224,451,000.00; and (iii) expired dividends in the amount of R$ 20,851,077.77, as detailed in <U>Exhibit A.II</U> to the Proposal.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>3.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Define the number of members of the Board of Directors and elect the effective
and alternate members for a term in office ending at the Ordinary Shareholders&rsquo; Meeting to be held in 2026, under the terms of the
Company&rsquo;s Bylaws.</FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The Company&rsquo;s Bylaws provides that the Board of
Directors will be composed of 5 (five) to 11 (eleven) effective members, and it might have from 2 (two) to 11 (eleven) alternates.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management proposes setting the number of
seats of the Board of Directors at 11 (eleven) effective seats and 2 (two) alternates, with or without a separate election.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">Shareholders representing at least 5% of the Company&rsquo;s
capital stock may request the adoption of the multiple voting process in the election of the Board of Directors, provided that such request
is sent with at least 48 hours in advance of the date and time set for the Ordinary General Meeting, or within the regular term, in case
they opt for doing so through distance voting instrument. In the election of board members through the multiple voting process, each share
equals to as many votes as the number of members to be elected, and shareholders are allowed to cumulate all of its votes in one candidate
or distribute them among more than one.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The controlling shareholders of the Company
have appointed 11 (eleven) effective members and 2 (two) alternates for the positions of members of the Board of Directors, which have
diverse educational backgrounds and professional experiences, enabling plurality of arguments and more precise decision making by the
body, and includes 3 (three) independent members and 3 (three) women (provided that 2 (two) of them are independent members). The following
candidates will be put to the vote:</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify"><U>Effective Members</U> -</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(i)</TD><TD STYLE="text-align: justify">by reelection, <B>Michel Dimitrios Doukeris</B>, Brazilian, married, chemical engineer, bearer of Identity
Card RG No. 2.595.585 (SSP/SC), enrolled with the CPF/ME under No.&nbsp;810.940.279-87, resident and domiciled in the City of New York,
State of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ii)</TD><TD STYLE="text-align: justify">by reelection, <B>Victorio Carlos De Marchi</B>, Brazilian, married, lawyer, bearer of Identity Card RG
No. 2.702.087 (SSP/SP), enrolled with the CPF/ME under No.&nbsp;008.600.938-91, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iii)</TD><TD STYLE="text-align: justify">by reelection, <B>Milton Seligman</B>, Brazilian, married, engineer, bearer of Identity Card RG No. 965.908
(SSP/DF), enrolled with the CPF/ME under No.&nbsp;093.165.740-72, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(iv)</TD><TD STYLE="text-align: justify">by reelection, <B>Fabio Colleti Barbosa</B>, Brazilian, married, business administrator, bearer of Identity
Card RG No. 5.654.446-7 (SSP/SP), enrolled with the CPF/ME under No. 771.733.258-20, resident and domiciled in the City of S&atilde;o
Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(v)</TD><TD STYLE="text-align: justify">by reelection, <B>Fernando Mommensohn Tennenbaum</B>, Brazilian, married, production engineer, bearer
of Identity Card RG No. 18.433.610-7 (SSP/SP), enrolled with the CPF/ME under No. 245.809.418-02, resident and domiciled in the City of
New York, State of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

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<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vi)</TD><TD STYLE="text-align: justify">by reelection, <B>Lia Machado de Matos</B>, Brazilian, stable union, physicist, bearer of Identity Card
RG No. 66.707.627-X (SSP/SP), enrolled with the CPF/ME under No. 071.991.147-88, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(vii)</TD><TD STYLE="text-align: justify">by reelection, <B>Nelson Jos&eacute; Jamel</B>, Brazilian, married, engineer, bearer of Identity Card
RG No. 37.990.760-4 (SSP/SP), enrolled with the CPF/ME under No. 025.217.577-80, resident and domiciled in the City of New York, State
of New York, United States of America, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 28.35pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(viii)</TD><TD STYLE="text-align: justify"><B>Carlos Eduardo Klutzenschell Lisboa</B>, Brazilian, married, administrator, bearer of Identity Card
RG No. 54.929.337-1 (SSP-SP), enrolled with the CPF/ME under No. 694.514.864-53, resident and domiciled in the City of Mexico, Federal
District, Mexico, to take office as an effective member of the Board of Directors;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>



<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(ix)</TD><TD STYLE="text-align: justify">by reelection, <B>Claudia Quintella Woods</B>, Brazilian, economist, bearer of Identity Card RG No. 020.462.491-0
(Detran/RJ), enrolled with the CPF/ME under No. 098.823.117-41, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o
Paulo, to take office as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(x)</TD><TD STYLE="text-align: justify">by reelection, <B>Marcos de Barros Lisboa</B>, Brazilian, divorced, economist, bearer of Identity Card
RG No. 006.653.074-2 (IFP/RJ), enrolled with the CPF/ME under No. 806.030.257-49, resident and domiciled in the City of S&atilde;o Paulo,
State of S&atilde;o Paulo, to take office as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xi)</TD><TD STYLE="text-align: justify"><B>Luciana Pires Dias</B>, Brazilian, lawyer, bearer of Identity Card RG No. 26.180.321-9 (SSP/SP), enrolled
with the CPF/ME under No. 251.151.348-02, resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office
as an effective member of the Board of Directors, as an Independent Director;</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 27pt"><U>Alternate Members</U> (not
linked to any specific member, pursuant to the Company&rsquo;s Bylaws)&nbsp;-</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xii)</TD><TD STYLE="text-align: justify"><B>Ricardo Tadeu Almeida Cabral de Soares</B>, Brazilian, married, lawyer, bearer of Identity Card RG
No. 09993497 (SSP/RJ), enrolled with the CPF/ME under No. 430.148.771-90, resident and domiciled in the City of New York, State of New
York, United States of America, to take office as an alternate member of the Board of Directors; and</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt">(xiii)</TD><TD STYLE="text-align: justify"><B>David Henrique Galatro de Almeida</B>, Brazilian, economist, bearer of Identity Card RG No. 10.800.879-8
(IFP/RJ), enrolled with the CPF/ME under No. 217.625.768-56, resident and domiciled in the City of New York, State of New York, United
States of America, to take office as an alternate member of the Board of Directors.</TD></TR></TABLE>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>


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<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The controlling shareholders of the Company declare that
the appointment order of the members of the Board of Directors set forth above shall be observed if any of the events described in article
141 of Law No. 6,404/76 occurs.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">As per the qualification statements on the independence
requirements provided by the candidates, and pursuant to the favorable opinion the Company&rsquo;s Board of Directors, we inform that
the candidates appointed as independent directors comply with the independency requirements set forth in the regulation in force.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">We clarify that, under the terms of article 11, item
I, of CVM Resolution 81/22, the information referring to the candidates nominated as members of the Board of Directors indicated above
are further detailed in <U>Exhibit A.III</U> to the Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>4.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Election of the effective and alternate members of the Fiscal Council for a term
in office ending at the Ordinary Shareholders&rsquo; Meeting to be held in 2024, pursuant to the terms of the Company's bylaws. </FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The controlling shareholders appoint as members of the
Fiscal Council the individuals qualified below, which compose the &ldquo;Controller Appointment &ndash; Fiscal Council&rdquo; block:</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Jos&eacute; Ronaldo Vilela Rezende</B>,
Brazilian, married, accountant, bearer of Identity Card RG No. M-2.399.128 (SSP/MG), enrolled with the CPF/ME under No. 501.889.846-15,
resident and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Fiscal
Council of the Company; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Elidie Palma Bifano</B>, Brazilian,
married, lawyer, bearer of Identity Card RG No. 3.076.167 (SSP/SP), enrolled with the CPF/ME under No. 395.907.558-87, resident and domiciled
in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an effective member of the Fiscal Council of the Company;
</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 36pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Emanuel Sotelino Schifferle</B>, Brazilian,
married, engineer, bearer of Identity Card RG No. 01.433.665-5 (IFP/RJ), enrolled with the CPF/ME under No. 009.251.367-00, resident and
domiciled in the City of Rio de Janeiro, State of Rio de Janeiro, to take office as an alternate member of the Fiscal Council of the Company;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 36pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif">by reelection, <B>Eduardo Rogatto Luque</B>, Brazilian,
married, accountant, bearer of the Identity Card RG No. 17.841.962-X (SSP/SP), enrolled with the CPF/ME under No. 142.773.658-84, resident
and domiciled in the City of S&atilde;o Paulo, State of S&atilde;o Paulo, to take office as an alternate member of the Fiscal Council
of the Company.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">Additionally, <I>Caixa de Previd&ecirc;ncia dos Funcion&aacute;rios
do Banco do Brasil - PREVI</I>, pursuant to article 37, item I, of CVM Resolution 81/22, informed the Company's Management that it will
appoint for the position of members of the Fiscal Council:</P>


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<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>Fabio de Oliveira Moser</B>, Brazilian citizen, married,
administrator, bearer of Identity Card RG No. 061.802.773 (IFP/RJ), enrolled with the CPF/ME under No. 777.109.677-87, resident and domiciled
in the City of Rio de Janeiro, State of Rio de Janeiro, to take office as an effective member of the Company's Fiscal Council; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Calibri,sans-serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-family: Times New Roman,serif">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>Nilson Martiniano Moreira</B>, Brazilian, divorced,
economist, bearer of Identity Card RG No. 044.383.967-97 (Detran/DF), enrolled with the CPF/ME under No. 583.491.386-53, resident and
domiciled in the City of Brasilia, Federal District, to take office as an alternate member of the Company&rsquo;s Fiscal Council. </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">We clarify that, under the terms of article 11, item
I, of CVM Resolution 81/22, the information referring to the candidates nominated as members of the Fiscal Council of the Company listed
above are further detailed in <U>Exhibit A.IV</U> of this Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>5.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Establishment of the global compensation of the managers for year 2023.</FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the global compensation of the
managers for the year 2023 (that is, between January 1, 2023 and December 31, 2023) be established in the global amount of up to R$&nbsp;173.606.830,00.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The abovementioned proposed amount for the year
2023 refers to the amount to be recognized in the Company&rsquo;s books results in the case of overall achievement of the individual and
collective targets of the Company, not necessarily having a disbursement by the Company throughout the year.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The increase of the proposed amount for the
year 2023 substantially results due to the following: (i) modification of the grace period of some of the share-based compensation programs
of the Company, resulting in an accounting recognition of a higher amount throughout the year; and (ii) higher achievement of individual
and collective targets of the Company in the years of 2021 and 2022, causing the recognition of expenses of share-based compensation
programs, which grace period varies up to 5 years, with proportional recognitions in each year.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the proposed compensation of the
managers is affected by adjustments related to inflation and benchmarking exercises performed with other publicly-held companies, as well
as studies performed by external consultants.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Therefore, factors as the change of the grace
period in the share-based compensation programs, adjustment by the inflation and performance of the previous years explain the difference
between the proposed global compensation for the years 2022 and 2023.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company&rsquo;s Management understand that
the proposed compensation amount is consistent to the compensation of other publicly-held companies, considering size, territorial reach
and number of management seats.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">According to the CVM guidance (item 3.4.5 of Circular-Notice/Annual-2023-CVM/SEP
- &ldquo;<U>Circular Notice</U>&rdquo;), the global amount of managers&rsquo; compensation to be approved in the Ordinary</P>


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<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">Shareholders&rsquo; Meeting according to article 152 of
Law No. 6,404/76 must include, besides the fixed compensation and short-term variable of the managers, the expenses relating to the recognition
of the fair value of the stock options and/or the shares that the Company intends to grant in the fiscal year.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">We stress that in the global amount of managers&rsquo;
compensation are included (i) the expenses associated with the recognition of the fair value of the stock options the Company intends
to grant in this fiscal year based on the Stock Option Plan, dated as of June 30, 2013 (&ldquo;<U>Option Plan</U>&rdquo;); and (ii) the
expenses associated with the recognition of the fair value of the share-based compensation the Company intends to enforce in this fiscal
year based on the Share-Based Compensation Plan, dated as of April 29, 2016, as amended on April 24, 2020 (&ldquo;<U>Stock Plan</U>&rdquo;
and, together with the Option Plan, the &ldquo;<U>Plans</U>&rdquo;), in both cases with accounting, and not financial, effects set forth
in CPC 10. Additionally, it should be noted that the global compensation proposed for 2023 considers the current structure of the board
of executive officers, as approved by the Board of Directors at a meeting held on December 23, 2022.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The model adopted to define the compensation of the Board
of Directors is aligned with market best practices for companies with businesses, risks and complexity similar to those of the Company.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The compensation of the members of the Board of Directors
is divided into: (i) fixed compensation, which is aligned with the market average; and (ii) variable compensation, considering the sustainable
growth of the Company and its businesses in the long term, with the purpose of stimulating and rewarding significant results through profit
sharing. As mentioned above, the Company also has the Option Plan and the Stock Plan, as detailed in <U>Exhibit V</U> of this Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The compensation of the Board of Executive Officers is
divided into fixed and variable components, with the base salary (fixed component) aligned with the market average and variable compensation
(profit sharing) the main long-term incentive. The members of the Board of Executive Officers are offered options and/or shares granted
within the scope of the Plans approved by General Shareholders&rsquo; Meeting and, eventually, in the case of executives identified as
having high potential for the long term, Share Appreciation Rights are granted. The purpose is to promote the alignment of executives&rsquo;
interests to generate long-term value for the Company.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The definition of the compensation of the Company&rsquo;s
Board of Executive Officers observes the following principles: (i) the compensation is an instrument for attracting and retaining talent;
(ii) the compensation must be competitive in relation to companies that operate in the same market in which the Company operates; (iii)
the compensation must be aligned with the Company&rsquo;s performance culture, with greater emphasis on its variable component, based
on results and exceptional performance; (iv) the compensation must provide long-term value construction; (v) the compensation must take
into account organizational and individual development; (vi) the compensation must involve the cascading of goals, in order to create
alignment across the organization; and (vii) the compensation must be linked to the Company&rsquo;s success in the medium and long term.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The members of the Board of Executive Officers are entitled
to receive the benefits set forth in the Company&rsquo;s benefit policy, as described in the Company&rsquo;s Reference Form and available
on the CVM website and the Company&rsquo;s investor relations website.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">In addition, the People Committee annually assesses the
retention of the Company&rsquo;s talent, which includes an analysis of the need to adapt the compensation practices adopted by the Company.
If such committee deems it necessary, adjustments to these practices are proposed to the Board of Directors.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We inform that the amount paid as global compensation
attributed to the managers of the Company for the year 2022 was R$&nbsp;118.179.455,00. Such amount is inferior to the limit approved
by the Ordinary Shareholders&rsquo; Meeting held on April 29, 2022, of R$&nbsp;121,572,686.14 for the managers. The difference verified
between the limits approved by the Ordinary Shareholders&rsquo; Meeting of the Company on April 29, 2022 and the amounts actually paid
as per the global compensation attributed to the managers is justified, mainly, due to the variable component of the compensation, which
is linked to specific performance goals of the managers and the Company, that were not entirely met.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">Finally, according to the understanding of the CVM Collegiate
body in a meeting held on 12/08/2020 in Proceeding No. 19957.007457/2018-10, included in the Circular Notice, the overall compensation
of the Management must be net of employer&rsquo;s payroll charges, which are not covered by the definition of &ldquo;benefit of any kind&rdquo;
set forth in article 152 of Law No. 6,404/76. Please note that the information required for the necessary analysis of the proposal of
compensation of the managers, as provided in article 13 of CVM Resolution 81/22, is set forth in <U>Exhibit A.V</U> to this Proposal,
more specifically in item 8.2.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>6.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Establish the compensation of the Fiscal Council </FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We propose that the global compensation of the
Fiscal Council, for year 2023 (that is, between January 1, 2023 and December 31, 2023), be established in the global amount of up to R$&nbsp;2.209.282,00,
with the compensation of the alternate members corresponding to half the amount received by effective members, which complies with the
provisions of article 152 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We inform that the amount paid to the global
compensation account attributed to the members of the Company&rsquo;s Fiscal Council, for year 2022, was R$ 1.996.508,00.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt/120% Times New Roman,serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 36pt"><B>B.</B></TD><TD STYLE="text-align: justify"><B>Extraordinary Shareholders&rsquo; Meeting:</B></TD></TR></TABLE>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>7.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Amendments to the Company&rsquo;s Bylaws.</FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">We propose that the Company&rsquo;s Bylaws be amended,
as detailed in <U>Exhibit B.I</U> to this Proposal, in order to:</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0 0 0 1cm; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>(a)</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">approve the inclusion of item &ldquo;r&rdquo; of article 3.</FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I>&nbsp;</I></P>


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<P STYLE="text-indent: 20pt; font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Management proposes detailing the corporate
purpose, with the inclusion of activities related to the main activities developed by the Company, notably with regard to the development
of softwares and other technological initiatives related to commerce and/or service.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">The Company clarifies that the detailing of the proposed
corporate purpose does not modify its operating segment and its predominant activities, representing only an addition of ancillary or
integrated activities with those already performed by the Company, compatible with its purposes, and, therefore, if approved, will not
give rise to shareholders&rsquo; right to withdrawal pursuant to the terms of articles 136, item VI, and 137, item I, of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">Once this proposal is approved, the wording of item &ldquo;r&rdquo;
of article 3 of the Company&rsquo;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I></I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify; text-indent: 0in"><I>(b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>amend the heading of article 5 to reflect the capital increases approved by the Company&rsquo;s Board of Directors, within the
authorized capital limit until the date of the Shareholders&rsquo; Meeting.</I></P>
<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">If this proposal is approved, the language of the heading
of article 5 of the Company&rsquo;s Bylaws will be that indicated in <U>Exhibit B.I</U> of this Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
paragraph 5 of article 15, in order to adapt it to the provisions of CVM Resolution 80, of March 29, 2022 (&ldquo;<U>CVM Resolution 80/22</U>&rdquo;).&nbsp;</I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the amendment is to adapt the
Company&rsquo;s Bylaws to the requirements imposed by CVM Resolution 80/22, in particular, regarding: (i) the minimum number of independent
members of the Board of Directors of publicly-held companies listed on the stock exchange; and (ii) the respective requirements for setting
the independence of such directors.</P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="margin: 0; font: 11pt/115% Times New Roman, Times, Serif">Once this proposal is approved, the wording of paragraph 5 of article
15 of the Company&rsquo;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;amend
the wording of item &ldquo;c&rdquo; of article 21, in order to detail the matters for resolution within the competence of the Board of
Directors.</I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The purpose of the amendment is to clarify, in
the Company&rsquo;s Bylaws, that all the Company&rsquo;s annual long-term strategic plans shall be approved by the Board of Directors.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">Once this proposal is approved, the wording of article
21 of the Company&rsquo;s Bylaws will be the one indicated in <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><I>8.</I></FONT><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Approve the consolidation of the Company&rsquo;s Bylaws.</FONT></I></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">In order to reflect the foregoing amendments, the Management
proposes the restatement of the Company&rsquo;s Bylaws, under the terms of the <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 11pt/120% Calibri,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center">S&atilde;o Paulo, March 28, 2023.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center">The Management</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center">Ambev S.A.</P>

<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center"></P>

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

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



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



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

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

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

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

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">Date:&nbsp;March 28, 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>
<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">



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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EXHIBIT A.I COMMENTS FROM THE OFFICERS
<TEXT>
<HTML>
<HEAD>
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<P STYLE="font: bold 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-transform: uppercase; text-align: center; text-indent: -36pt"><FONT STYLE="font-variant: small-caps"><U>EXHIBIT
A.I &#8211; COMMENTS FROM THE OFFICERS</U></FONT></P>

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

<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0 0 6pt; text-align: center"><I>(as Item 2 to Exhibit C to CVM Resolution 80/22)</I></P>

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

<P STYLE="font: 12pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>2. </B></FONT><B><FONT STYLE="font-family: Times New Roman Negrito,serif; font-size: 10pt"><U>Comments
from the Officers</U></FONT></B></P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The financial information included in this section,
except if otherwise expressly set forth, refer to our consolidated accounting statements related to the fiscal year that ended on December
31, 2022 and 2021. Our consolidated audited accounting statements were prepared in accordance with the International Financial Reporting
Standards (&ldquo;<U>IFRSs</U>&rdquo;), issued by the International Accounting Standards Board (&ldquo;<U>IASB</U>&rdquo;), and in accordance
with the accounting practices adopted in Brazil, that comprehend the accounting practices set forth in Law No. 6404/76 and the pronouncements,
guidance and interpretations issued by the Accounting Pronouncement Committee (<I>Comit&ecirc; de Pronunciamentos Cont&aacute;beis</I>
&ndash; CPC) and approved by the Brazilian Securities Exchange Comission - CVM.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The information under this item 2 of the Exhibit A.I
of the Management Proposal (&#8220;<U>Exhibit</U>&#8221;) must be read and analyzed together with our consolidated accounting statements,
available at our website (<FONT STYLE="color: Blue"><U>ri.ambev.com.br/en/</U></FONT>) and at the CVM&#8217;s website (<FONT STYLE="color: Blue"><U>cvm.gov.br</U></FONT>).</P>

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

<P STYLE="font: bold 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">2.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Management should comment on:</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 10pt; text-align: justify"><B>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
equity and financial conditions </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt">The Officers understand that the Company presents sufficient equity and
financial conditions to implement its business plan and perform its obligations of short and medium term.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2022, the Company had, in its current
assets, a total of R$ 37,816.7 million, with R$ 15,380.9 million in cash and cash equivalents of the Company. The current liabilities
as of December 31, 2022, amounted to R$ 40,540.5 million. The current liquidity ratio, used to assess the Company&#8217;s capacity of
payment of the short-term obligations, was 0.93x. Its positions of cash net of bank overdrafts and cash net of debt<FONT STYLE="font-family: Times New Roman,serif"><SUP>1</SUP></FONT>
were R$ 15,306.6 million and R$ 11,535.8 million, respectively. The indebtedness indicator of net debt/EBITDA<FONT STYLE="font-family: Times New Roman,serif"><SUP>2</SUP></FONT>
was -0.68.</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: black 1pt solid; width: 66%; padding: 1.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">(<I>in million of Reais</I>)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 34%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>12/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Total Current Assets</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">37,816.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Total Current Liabilities</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">40,540.5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">Net Working Capital Ratio (CA-CL)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 10pt">(2,723.8)</FONT></TD></TR>

<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt; vertical-align: top; width: 66%; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Net Cash of Bank Overdrafts</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt; vertical-align: bottom; width: 34%; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">15,306.6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Cash Net of Debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">11,535.8</FONT></TD></TR>
  </TABLE>
  <P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

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

<P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><SUP>1</SUP></FONT>
The cash net of bank overdrafts position is represented by the balances of cash, cash equivalents and financial investments being deducted
the balance of bank overdrafts. The cash net of debt position is represented by the cash net of bank overdrafts position added by balances
of current financial investments and being deducted the balances of loans and financings. Both the cash net of bank overdrafts position
and the cash net of debt position are performance indicators used by the Company, and they are not measured according to the Accounting
Practices Adopted in Brazil or according to IFRS.</P>

<P STYLE="font: 7pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><SUP>2</SUP></FONT>
The Company calculates the net debt as the balances of loans and financings being deducted the balances of current financial investments
and cash net of bank overdrafts. The net debt/EBITDA is a performance indicator used by the Company, and it is not a measure according
to the Accounting Practices Adopted in Brazil or according to IFRS.</P>



<P STYLE="font: 11pt/120% Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>
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<P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: black 1pt solid; width: 66%; padding: 1.4pt; font-family: Times New Roman,serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 34%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>12/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Current Liquidity Ratio</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">0.93</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Indebtedness Indicator (Net Debt / EBITDA)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">(0.48)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Capital Structure</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>R$ million</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; width: 43%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">Third-Party Financing<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 33%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">54,630.3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 24%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">40</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">Equity<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">83,327.8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">60</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt/12.5pt Times New Roman,serif; margin: 0"><SUP>(1)</SUP> The Company&#8217;s third-party financing is represented by
the totality of the current and non-current liabilities.</P>

<P STYLE="font: 7pt/12.5pt Times New Roman,serif; margin: 0"><SUP>(2)</SUP> The Company&#8217;s equity is represented by the consolidated
owner&#8217;s equity.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company&#8217;s capital structure was the following:
as of December 31, 2022 &#8211;60% of equity and 40% of third-party financing.</P>

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 8.2pt; font-size: 12pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border: black 1pt solid; width: 77%; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">(<I>in million of Reais</I></FONT><FONT STYLE="font-size: 9pt">)</FONT></TD>
    <TD STYLE="border-top: black 1pt solid; width: 23%; border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>12/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.15pt">Total debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3,770.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.15pt">Short-term debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">982.6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.15pt">Total current assets</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">37,816.7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.15pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">15,380.9</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.05pt">Current liquidity ratio</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">0.93x</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt; letter-spacing: 0.05pt">Cash net of debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">11,535.8</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>



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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Considering the Company&rsquo;s debt profile, as described in 2.1(f) below
(total debt of R$ 3,770,7 million as of December 31, 2022, of which R$ 982.6 million is short-term debt), its cash flow and liquidity
position evidenced by total current assets (R$ 37,816.7 million), cash and cash equivalents (R$ 15,380.9 million), current liquidity ratio
(0.93x) and cash net of debt (R$ 11,535.8 million), all as of December 31, 2022, indicated in 2.1 (a) above, the Officers believe that
the Company has sufficient liquidity and capital resources to cover the investments, costs, expenses, debts and other amounts payable
over the next few years, although they cannot guarantee that this situation will remain unchanged. In case it may be necessary to take
out new loans to finance its investments and acquisitions, the Officers believe that the Company has capacity to do so.</P>

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

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

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

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

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

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


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">to funding sources should there be an occasional need
for supplemental cash funding for such investments.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company has access to credit facilities extended
by leading Brazilian and foreign banks and has already raised funds in domestic and international capital markets. The Company&#8217;s
current investment grade rating issued by key international rating agencies facilitates its access to additional financing arrangements
that could be used to compensate any potential liquidity shortcomings. On December 31, 2022, the Company had a Baa3 risk credit by <FONT STYLE="letter-spacing: 0.05pt">Moody`s
and BBB by S&amp;P.</FONT></P>

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

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

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Please, find below additional information related to
the fiscal year that ended on December 31, 2022:</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2022, the Company was in compliance
with its contractual obligations for its loans and financings and with any applicable borrowing limits.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>Debt Profile &#8211; December 31, 2022</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Debt Instruments</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2023</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2026</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2027</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>After</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>BNDES debt</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Par Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">35.7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">1.2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">36.8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">TJLP or TR + Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>International Debt</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Other Latin-American currencies &#8211; fixed rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">98.8 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">217.5 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">29.0 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">26.7 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">49.3 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">421.3</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">10.4%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">10.4%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">10.4%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">10.4%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">10.4%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">10.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">US dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">6.2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">6.2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">14.0%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">14.0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">US dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Canadian dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Canadian dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">123.3 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">117.1 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">108.7 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">117.5 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">44.4 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">511.0</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">5.3%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">5.3%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">5.3%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">5.3%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">5.3%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">5.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Debt in Reais - ICMS fixed rate</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Par Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">144.4 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">126.5 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">132.7 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">66.5 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">2.4 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">472.5</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman,serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 32%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Average Pay Rate</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Debt in Reais - fixed rate</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Par Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">562.0 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">537.3 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">390.5 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">277.4 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">418.3 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">2,185.5</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">9.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">9.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">9.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">9.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">9.5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">9.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Debt in Reais - floating rate</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Par Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Total indebtedness</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>982.6 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>1,013.1 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>675.6 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>504.2 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>532.0 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>63.3 </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>3,770.7</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company has other long-term relations with financial
institutions, such as payroll agreements, derivative operations, and guarantee agreements, which are not individually relevant.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In the year ended on December 31, 2022, the Company's
loans had equal rights to payment without subordination clauses. Except for the credit lines due to FINAME contracted by the Company with
BNDES, where collateral is provided on assets acquired with the credit granted which serve as collateral; other loans and financing contracted
by the Company provide only personal guarantees as collateral or are unsecured.</P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company did not sign any relevant loan or financing
agreement with cross default clause.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2022, the Company was in compliance
with its material (financial or not) contractual obligations for its loans and financings.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As of December 31, 2022, the Company had loans with
BNDES, FINEP and FINAME credit facilities and loans with private banks in the amount of R$ 3,100.5 billion. Of this total, R$ 2,639.3
billion (85.1%) are being used, with R$ 461.2 million (14.9%) still available.</P>


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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(h) Significant changes to items of the income and
cash flow statements</B></P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B><U>Comparative analysis of Operational Results as of December 31, 2022
and December 31, 2021</U></B></P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="width: 28%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right"><B>Vertical</B></P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right"><B>Analysis</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right"><B>Vertical</B></P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right"><B>Analysis</B></P></TD>
    <TD STYLE="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>Variation 2022/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Net revenue</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">79,708.8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">535.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">72,854.3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">555.2%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">9.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Cost of sales</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(40,422.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-271.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(35,659.7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-271.7%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">13.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">39,286.8</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">263.8%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>37,194.6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>283.4%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">5.6%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Distribution expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(11,395.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-76.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(9,932.7)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-75.7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">14.7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Sales and Marketing expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(7,337.4)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-49.3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(7,035.5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-53.6%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">4.3%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(5,236.8)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-35.2%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(4,877.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-37.2%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">7.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Other operational income (expenses)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">2,513.9</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">16.9%</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">2,124.1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">16.2%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">18.4%</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Costs arising from business combination</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Restructuring</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(101.7)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-0.7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(165.4)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-1.3%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(38.5)%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">(8.2)</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">-0.1%</P></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(11.1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-0.1%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: right">(26.3)%</P></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">State Amnesty</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">COVID-19 Impacts</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(16.7)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-0.1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(134.3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-1.0%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(87.6)%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Write-Off of Investments</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(16.6)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-0.1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Distribution agreement</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(82.0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-0.6%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(100.0)%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>17,687.9</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>118.8%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>17,080.2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>130.2%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>3.6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Finance expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(7,892.2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-53.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(5,427.8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-41.4%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">45.4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Finance income</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">4,469.0</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">30.0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">2,222.4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">16.9%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">101.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>Net finance result</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>(3,423.2)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>-23.0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>(3,205.4)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>-24.4%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>6.8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0">Share of result of joint ventures</P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(29.1)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-0.2%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(115.7)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-0.9%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(74.8%)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman,serif; margin: 0"><B>Income before income tax</B></P>
    <P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>14,235.7</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>95.6%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>13,759.2</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>104.9%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>3.5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">655.6</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">4.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(636.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">-4.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(203.0)%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>14,891.3 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>13,122.6 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt"><B>13.5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Attributed to:</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Equity holders of Ambev</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">14,457.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">97.1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">12,671.0 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">96.6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">14.1%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">Non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">433.3</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">2.9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">451.6 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">3.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 8pt">(4.0)%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

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


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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The table below contains some of the financial information
per business segment regarding the years ended on December 31, 2022 and 2021:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>CAC<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>LAS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>Canada</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt; text-indent: -0.85pt"><FONT STYLE="font-size: 6pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>CAC<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>LAS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>Canada</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>Net revenue</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>42,635.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>9,440.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>17,371.2</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>10,261.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>79,708.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>35,586.5</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>9,947.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>16,571.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>10,748.7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>72,854.3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">Cost of sales</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(22,736.8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(4,860.8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(8,553.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(4,271.4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(40,422.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(18,309.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(4,727.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(8,235.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(4,386.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(35,659.7)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>Gross profits</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>19,898.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>4,579.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>8,818.1</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>5,990.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>39,286.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>17,277.4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>5,219.5</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>8,335.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>6,361.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>37,194.6</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">Administrative, sales and marketing expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(13,522.0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(1,999.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(4,421.4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(4,026.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(23,969.4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(11,569.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(1,993.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(4,384.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(3,897.4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(21,845.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">Other operational income (expenses)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">2,361.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(52.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">192.7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">12.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">2,513.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">2,096.0</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">12.4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">38.8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(23.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">2,124.1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">Exceptional items</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(34.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(16.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(60.5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(32.2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(143.3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(210.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(46.7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(115.4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(20.6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt">(392.8)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>Income from operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>8,703.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>2,510.5</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>4,528.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>1,944.8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>17,687.9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>7,593.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>3,191.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>3,874.3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>2,420.6</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 6pt"><B>17,080.2</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(1) It includes the Company&#8217;s direct operations
in Central America and the Caribbean: Dominican Republic, Saint Vincent, Antigua, Dominica, Cuba, Guatemala (which also supplies El Salvador,
Honduras and Nicaragua), Barbados and Panama.</P>

<P STYLE="font: 7pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(2) It includes the Company&#8217;s operations in South
Latin America: Argentina, Bolivia, Chile, Paraguay and Uruguay.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">For more information about the sales net revenue, see
section 2.2(b).</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total cost of products sold increased 13.4% in
the year ended on December 31, 2022, reaching R$ 40,422.1 million, compared to R$ 35,659.7 million in the same period in 2021. As a percentage
of the Company&#8217;s net revenue, the total cost of products sold increased to 50.7% in 2022, in relation to 48.9% in 2021.</P>

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

<P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>Cost of products sold per hectoliter</B></P>

<P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><I>(in Reais, except for percentages)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>180.2 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>153.2 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>17.6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Brazil Beer<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">199.5 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">169.3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">17.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">NAB<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">123.6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">102.0 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">21.1%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>CAC</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>412.4 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>352.8 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>16.9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>LAS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>224.3 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>219.6 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2.2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>442.9 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>442.1 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>0.2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>217.6 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>197.7 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: right; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>10.1%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 7pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(1) It includes beer and &#8220;beyond beer&#8221; operations
of the Company in Brazil.</P>

<P STYLE="font: 7pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">(2) It includes non-alcoholic beverages operations of
the Company in Brazil.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total cost of products sold of the Company&#8217;s
Brazilian operations increased 24.2% in the year ended on December 31, 2022, reaching R$ 22,736.8 million in relation to R$ 18,309.1 million
in the same period in 2021. The cost of the products sold in the Company&#8217;s Brazilian operations, per hectoliter, increased 17.6%
in 2022, reaching R$ 180.2/hl in relation to R$ 153.2/hl in 2021.</P>

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

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


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<P STYLE="font: 12pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in the beer operations in
Brazil increased 22.0%, reaching R$ 18,765.3 million in the year ended on December 31, 2022. The cost of products sold, per hectoliter,
increased 17.8%, amounting to R$ 199.5/hl, mainly explained by higher commodity prices, driven by agricultural and metal commodities,
and general inflation.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in the NAB operations in
Brazil increased 35.7%, reaching R$ 3,971.5 million. The cost of products sold per hectoliter increased 21.1% in 2022, amounting to R$
123.6/hl, mainly as a result of higher input costs given increased commodity prices (especially sugar and PET resin), and general inflation
and package mix.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Operation in Central America and the Caribbean (&#8220;<U>CAC</U>&#8221;)</I></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in CAC operations increased
2.8% in the year ended on December 31, 2022, reaching R$ 4,860.8 million in relation to R$ 4,727.9 million in the same period in 2021.
The cost of products sold per hectoliter increased 16.9% in 2022, reaching R$ 412.4/hl in relation to R$ 352.8/hl in 2021, mainly driven
by commodity price increases, coupled with general inflation, especially impacting diesel and ocean freight inflation, partially offset
by currency translation impacts as local currencies depreciated in relation to the Brazilian real during the period.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><I>Latin America South Operations (&#8220;<U>LAS</U>&#8221;)</I></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in LAS operations increased
3.9% in the year ended on December 31, 2022, reaching R$ 8,553.1 million in relation to R$ 8,235.7 million in the same period in 2021.
The cost of products sold, per hectoliter, increased 2.2% in 2022, reaching R$ 224.3/hl in relation to R$ 219.6/hl in 2021, mainly due
to higher commodity prices and the high overall inflation in Argentina, partially offset by currency translation impacts as local currencies
depreciated in relation to the Brazilian real during the period.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cost of products sold in our operations in Canada
decreased 2.6% in the year ended on December 31, 2022, to R$ 4,271.4 million in relation to R$ 4,<FONT STYLE="letter-spacing: 0.05pt">386.9</FONT>
million in the same period in 2021, due to higher commodity prices and general inflation, impacting diesel and freight prices, which more
than offset by currency translation impacts as local currency depreciated in relation to the Brazilian real during the period. The cost
of products sold, per hectoliter, increased 0.2% in 2022, reaching R$ 442.9/hl in relation to R$ 442.1/hl in 2021.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The gross profit increased 5.6% in the year ended on
December 31, 2022, reaching R$ 39,286.8 million compared to R$ 37,194.6 million in the same period in 2021. The table below shows the
contribution of each business unit to the consolidated gross profit of the Company.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Gross Profit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><I>(in million Reais, except for percentages)</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Amount</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>% Contrib.</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Margin</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Amount</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>% Contrib.</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Margin</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>19,898.9 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>50.7%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>46.7%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>17,277.4 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>46.5%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>48.6%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Brazil Beer</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">17,092.6 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">43.5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">47.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">15,155.1 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">40.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">49.6%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">NAB</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">2,806.4 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">7.1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">41.4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">2,122.3 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">5.7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">42.0%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>CAC</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>4,579.4 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>11.7%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>48.5%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>5,219.5 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>14.0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>52.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>LAS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>8,818.1 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>22.4%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>50.8%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>8,335.9 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>22.4%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>50.3%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Canada</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>5,990.3 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>15.2%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>58.4%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>6,361.8 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>17.1%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>59.2%</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 30%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>39,286.8 </B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>49.3%</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>37,194.6 </B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>51.1%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><U>Sales and Marketing, Distribution and Administrative Expenses </U></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The sales and marketing, distribution and administrative
expenses of the Company amounted to R$ 23,969.4 million in the year ended on December 31, 2022, compared to R$ 21,845.6 million in the
same period in 2021, representing an increase of 9.7% year on year. The analysis of the sales and marketing, distribution and administrative
expenses for each of the business units is as follows.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The sales and marketing, distribution and administrative
expenses of the Company&#8217;s operations in Brazil amounted to R$ 13,522.0 million in the year ended on December 31, 2022, compared
to R$ 11,569.6 million in the same period in 2021, representing an increase of 16.9% year on year.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The sales and marketing, distribution and administrative
expenses of the beer operations in Brazil amounted to R$ 11,514.2 million in the year ended on December 31, 2022, compared to R$ 9,975.4
million in the same period in 2021, representing an increase of 15.4% year on year, mainly due to higher investments in the Company&#8217;s
brands and overall inflation over distribution expenses, especially on diesel.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The sales and marketing, distribution and administrative
expenses of the NAB operations in Brazil amounted to R$ 2,008.0 million in the year ended on December 31, 2022, compared to R$ 1,594.2
million in the same period in 2021, representing an increase of 26.0% year on year, mainly due to higher investments in the Company&#8217;s
brands and increased distribution expenses driven by higher volumes and overall inflation.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The sales and marketing, distribution and administrative
expenses of the Company&#8217;s operations in CAC amounted to R$ 1,999.9 million in the year ended on December 31, 2022, compared to R$
1,993.6 million in the same period in 2021, representing an increase of 0.3% year on year, mainly due to the effective management of our
expenses in the region, coupled with currency translation impacts as local currencies depreciated in relation to the Brazilian real during
the period, more than offsetting increased distribution expenses driven by diesel and ocean freight inflation.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The sales and marketing, distribution and administrative
expenses of the Company&#8217;s operations in LAS amounted to R$ 4,421.4 million in the year ended on December 31, 2022, compared to R$
4,384.9 million in the same period in 2021, representing an increase of 0.8% year on year, driven by overall inflation especially in Argentina,
despite effective management of our expenses in the region, partially offset by currency translation impacts as local currency depreciated
in relation to the Brazilian real during the period.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The sales and marketing, distribution and administrative
expenses of the Company&#8217;s operations in Canada amounted to R$ 4,026.1 million in the year ended on December 31, 2022, compared to
R$ 3,897.4 million in the same period in 2021, representing an increase of 3.3% year on year, driven mainly by higher distribution expenses
due to diesel and freight inflation, partially offset by currency translation impacts as local currency depreciated in relation to the
Brazilian real during the period.</P>

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


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<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><U>Other Operational Income (Expenses)</U></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Other operating income increased by 18.4% in the year
ended on December 31, 2022, to R$ 2,513.9 million from R$ 2,124.1 million in the same period in 2021. This result is mainly explained
by a growth of tax incentives related to state long term ICMS Value Added Tax in Brazil.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Recurring exceptional items expenses decreased by 63.5%
in the year ended on December 31, 2022, to R$ (143.3) million from R$ (392.8) million in the same period in 2021. Similar to 2021, the
expenses recorded in 2022 were mainly due to restructuring expenses related to centralization and sizing projects in Brazil and LAS.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The operating income increased by 3.6% in the year
ended on December 31, 2022, amounting R$ 17,687.9 million in relation to R$ 17,080.2 million in the same period in 2021.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net financial result of the Company decreased by
6.8% in the year ended on December 31, 2022, to R$ 3,423.2 million from an expense of R$ 3,205.4 million in the same period in 2021. This
result is mainly explained by an increase in carry costs for Brazil and Argentina as a result of macroeconomic volatility in both countries,
coupled with higher present value adjustment of accounts payables as determined in IFRS 13, partially compensated by higher interest income
due to increased SELIC rate, as well as higher recognition of adjustment for inflation of tax credits in financial results (compared to
2021), mainly related to a 2017 Brazilian Supreme Court decision that declared unconstitutional the inclusion of the ICMS state tax in
the tax base of the PIS and the COFINS federal taxes.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total debt of the Company, including current (interest-bearing
loans) and non-current debt, increased to R$ 670.2 million in the year ended on December 31, 2022, while our amount of cash and cash equivalents
and current financial investments, net of bank overdrafts, decreased to R$ 3,205.2 million in the period.</P>

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

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



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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Our consolidated income tax and social contribution on profits totaled
R$ (655.6) million in 2022 from R$ 636.6 million in 2021.&nbsp;The effective tax rate in 2022 was (4.6)%, compared to 4.6% in the previous
year.&nbsp;Such decrease in our effective tax rate in 2022 was primarily due to lower withholding taxes and the tax effects of the payment
of interest on shareholders&rsquo; equity which are deductible for income tax purposes pursuant to the applicable legislation and whose
amount distributed in 2022 was approximately R$ 12 billion with a tax impact of approximately R$ 4 billion.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net profit obtained by the Company in the year
ended on December 31, 2022 was R$ 14,891.3 million, representing an increase of 13.5%, if compared to R$ 13,122.6 million earned in the
same period in 2021.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Cash Flow for the Year Ended on December 31,
2022 compared with 2021</U></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt"><B>Cash flow</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>2022/2021</B></FONT></TD></TR>

<TR>
    <TD STYLE="width: 42%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Cash flow from operating activities</FONT></TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">20,642.2</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">22,901.0</FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">(9.9)%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Cash flow from investing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">(5,004.1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">(7,734.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">(35.3)%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt">Cash flow from financing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">(16,337.9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">(16,041.8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt">1.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>(699.9)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>(875.8)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt"><B>(20.1)%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cash flow from the Company&#8217;s operating activities
decreased by 9.9%, to R$ 20,642.2 million in the year ended on December 31, 2022, compared to R$ 22,901.0 million in the same period in
2021, mainly as a result of bonus and capex payments in the first quarter and lower cash generation in CAC and Canada.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cash flow from the Company&#8217;s investing activities
decreased by 35.3%, to R$ 5,004.1 million in the year ended on December 31, 2022, compared to R$ 7,734.9 million in the same period in
2021, mainly explained by a decrease in intangible and fixed assets acquisitions.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The cash flow from the Company&#8217;s financing activities
increased by 1.8%, to R$ 16,337.9 million in the year ended on December 31, 2022, compared to R$ 16,041.8 million in the same period in
2021, mainly driven by higher capital distribution partially offset by lower payments from borrowings.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 10pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>&#8211; The Management should comment on:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results
of the issuer&#8217;s operations, in particular:</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(i) Description of any material income components</I></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In the fiscal year ended on December 31, 2022, the
revenues of the Company and its subsidiaries primarily consisted of the sale of beers, &#8220;beyond beer&#8221; and non-alcoholic beverages
through the operations described in Item 2.1 above. To a lesser extent, the Company also generates revenues from the sale of malt and
by-products deriving from its operations, as well as the sale of non-Ambev products on the BEES Marketplace in some regions.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The demand for its products is primarily related to
consumer disposable income, price and weather conditions in the countries where the Company and its subsidiaries operate.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(ii) Factors that materially affect operating
income</I></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Since our creation, we have a very solid culture, which
is people-centered. Our culture has always been very consistent and, since 2020, it has been undergoing a profound transformation. We
adopt active listening in our ecosystem, with more internal and external collaboration and a long-term vision, increasingly creating a
future with more reasons to cheer. In 2022, we delivered another year of strategic, operational, cultural and financial strength, which
led to an organic growth in net revenue of 19.8%, driven by a consistent improvement in the results in Brazil, despite a performance below
the one desired in our international operations, which were impacted by a more challenging operating and macroeconomic environment and
high inflation rates.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Even so, we maintained commercial momentum, delivering
our ambitions for the year: consolidated adjusted EBITDA grew 17.1% in organic terms, accelerating against 2021 growth despite cost pressures
arising mainly from the increase in the price of agricultural and metal commodities. We also had a good second half, positioning ourselves
for the beginning of 2023.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">We were the most awarded Brazilian company at the Cannes
Creativity Festival, with lions for all our beverage categories: Brahma and Budweiser for beer, Guaran&aacute; Antarctica for non-alcoholics
and Mike&#8217;s Hard Lemonade for beyond beer. In Brazil, beer sales volume in the country grew 3.5% in the year. Our premium brands
led the volume growth and our core and core plus brands remain resilient, most notably the performance of our beer Spaten. In addition,
the return of consumption occasions in the on-trade channel, the innovations carried out throughout the year in both beer and beyond beer
and the consolidation of our digital platforms contributed to our results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">More than 90% of our customers now use BEES - our B2B
(business-to-business) platform - to place orders and, of these customers, more than 70% use the BEES Marketplace to purchase non-Ambev
products. The BEES Marketplace in Brazil almost tripled the Gross Merchandising Value - &#8220;GMV&#8221; versus last year, serving more
than 700 thousand customers with an offer of 500 SKUs and with more than 80 partners also increasing our NPS (Net Promoter Score) with
our customers by 13%.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Z&eacute; Delivery, our direct-to-consumer or D2C channel,
has also evolved and is now available in more than 350 cities, covering more than half of the Brazilian population, who can order beverages
and other products at competitive prices. Z&eacute; Delivery delivered 62 million orders in 2022, with GMV growing 13% versus 2021, and
reached almost 5 million Monthly Active Users (MAU). BEES Bank, our payment financial institution, ended the year with almost 50% more
accounts opened when compared to 2021, thus supporting our customers in managing their cash flows.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Net revenue per hectoliter grew almost 13.4% in organic
terms, thanks to a portfolio of healthier brands, the launch of packaging suitable for our consumers&#8217; consumption occasions and
our revenue management initiatives.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">In the non-alcoholic beverage segment, our volume grew
12.0% due to the good performance of our brands, such as H2OH!, Gatorade, Pepsi and Guaran&aacute; Ant&aacute;rctica. With the expansion
of BEES, we increased the number of NAB buyers by 8% against 2021, reaching a historic record. In addition, net revenue per hectoliter
grew 19.8% in organic terms, thanks to brand and package mix, and revenue management initiatives.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">On the other hand, our international operations had
a more challenging year. In LAS, volume grew 1.7% compared to 2021. Bolivia continues to recover from the impacts of COVID-19, while Argentina,
Chile and Paraguay were negatively impacted by macroeconomic factors. Despite this, our core plus and premium portfolio continued to grow
in Chile, as well as in Paraguay and in Bolivia, and our digital platforms continue to expand in Argentina and have been rolled out in
Paraguay.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">In CAC, the volume dropped by 12.1% compared to 2021.
In the first half, the region was hit by the lack of returnable bottles and, in the second half, was impacted by high inflation that influenced
consumption in the region. We also faced operational and logistical limitations in the third quarter, which began to be resolved during
the fourth quarter, improving the EBITDA margin compared to the previous quarter. And yet, premium brands gained weight in most markets,
driven by Corona and Michelob Ultra.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Canada had a volume drop of 2.8% due to industry decline
after two consecutive years of growth. After COVID-19, we grew share in the core and premium segments, driven, respectively, by the good
performances of Bud Light and Stella Artois, and Craft. The beyond beer industry has also grown, although below the growth rates seen
in 2020 and 2021.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">As part of our cultural evolution, we were recognized
in awards related to attracting talent: 2<SUP>nd</SUP> place in the Dream Career Survey of Cia de Talentos, 1<SUP>st</SUP> place in the
general ranking of the Career Survey of Brasil Junior and 1<SUP>st</SUP> place in the Survey &#8220;Most Desired Company&#8221; at the
Empower Awards. And, in relation to diversity, equity and inclusion, we also evolved in 2022: 37% of our leadership hires were black people
and 47% were women, which makes us increase 1.4 and 2.0 percentage points, respectively, in representativeness in these segments, even
advancing at a speed ahead of the curve stipulated by UN Women for 2030.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">We also continue to advance in our ESG strategy, entering
the 18<SUP>th</SUP> portfolio of the Corporate Sustainability Index (ISE B3) of the Brazilian Stock Exchange, which gathers 69 stocks,
belonging to 27 different sectors. We also continue to believe that we have our economic role to play in the regions where we operate.
For example, in Brazil, we collected R$ 22.1 billion in federal, state and municipal taxes, an increase of over</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">8% against the previous year, and we directly employed around
30 thousand people, in addition to over 1 million indirect and induced jobs throughout the value chain (according to a 2019 FGV survey).</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(b) Relevant income variations ascribed to the introduction
of new products and services, and changes in volumes, prices, foreign exchange rates and inflation.</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><U>Net Revenue &#8211; Year ended on December 31,
2022 compared to 2021</U></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Net revenue increased by 9.4% in the year ended on
December 31, 2022, to R$ 79,708.8 million in relation to R$ 72,854.3 million in the same period in 2021, as a consequence of a 3.0% increase
in volume sold, coupled with a 6.2% increase in net revenue per hectoliter, both driven by the continued execution of our commercial strategy,
as shown in tables set forth below.</P>

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

<P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: center; text-indent: 1.5in"><B>Net revenue</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.1pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="letter-spacing: 0.1pt"><B>&nbsp;</B></FONT></P></TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>% Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><I>in million Reais, except for percentages</I></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt; letter-spacing: 0.05pt"><B>B</B></FONT><B><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">r</FONT></B><B><FONT STYLE="font-size: 9pt; letter-spacing: 0.05pt">azi</FONT></B><B><FONT STYLE="font-size: 9pt">l</FONT></B></TD>
    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>42,635.7</B></FONT></TD>
    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>53.5%</B></FONT></TD>
    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>35,586.5</B></FONT></TD>
    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>48.8%</B></FONT></TD>
    <TD STYLE="width: 15%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>19.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Beer Brazil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">35,857.8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">45.0%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">30,537.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">41.9%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">17.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">NAB</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">6,777.9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">8.5%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">5,049.4</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">6.9%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">34.2%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt"><B>CAC</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>9,440.3</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>11.8%</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>9,947.4</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>13.7%</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>(5.1)%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt; letter-spacing: 0.1pt"><B>LAS</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>17,371.2</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>21.8%</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>16,571.7</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>22.7%</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>4.8%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt"><B>C</B></FONT><B><FONT STYLE="font-size: 9pt; letter-spacing: 0.05pt">a</FONT></B><B><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt">n</FONT></B><B><FONT STYLE="font-size: 9pt; letter-spacing: 0.05pt">a</FONT></B><B><FONT STYLE="font-size: 9pt; letter-spacing: -0.15pt">d</FONT></B><B><FONT STYLE="font-size: 9pt">a</FONT></B></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>10,261.7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>12.9%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>10,748.7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>14.8%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>(4.5)%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt; letter-spacing: -0.05pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>79,708.8</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>72,854.3</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>9.4%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 1.4pt; padding-left: 1.4pt">
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 9pt/12.5pt Times New Roman,serif; margin: 0; text-align: center"><B>Sales Volume</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><I>in thousands of hectoliters, except for percentages</I></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>126,184.4 </B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>67.9%</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>119,530.6 </B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>66.3%</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>5.6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 1%; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24%; padding-right: 1.4pt; padding-left: 9pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Beer Brazil</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">94,042.6 </FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">50.6%</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">90,835.0 </FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">50.4%</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">3.5%</FONT></TD></TR>
  <TR>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 9pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">NAB</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">32,141.8 </FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">17.3%</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">28,695.5 </FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">15.9%</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">12.0%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">CAC</FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>11,786.3 </B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>6.3%</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>13,401.9 </B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>7.4%</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>(12.1)%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>LAS</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>38,134.0 </B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>20.5%</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>37,511.6 </B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>20.8%</B></FONT></TD>
    <TD STYLE="padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>1.7%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>9,645.0 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>5.2%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>9,924.1 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>5.5%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>(2.8)%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>185,749.7 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>180,368.1 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>100.0%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>3.0%</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0 0 0 65.2pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Net Revenue per Hectoliter</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Year ended on December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; font-family: Times New Roman,serif; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt; width: 15%"><FONT STYLE="font-size: 9pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt; width: 15%"><FONT STYLE="font-size: 9pt"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">(<I>in Reais, except for percentages</I>)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Brazil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>337.9</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>297.7</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>13.5%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">Beer Brazil</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">381.3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">336.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">13.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">NAB</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">210.9</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">176.0</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">19.8%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">CAC</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">801.0</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt">742.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>7.9%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>LAS</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>455.5</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>441.8</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>3.1%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Canada</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>1,063.9</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>1,083.1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>(1.8)%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="font-family: Times New Roman,serif; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>429.1</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>403.9</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman,serif; text-align: center; line-height: 12.5pt"><FONT STYLE="font-size: 9pt"><B>6.2%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman,serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The total net revenue generated from the Company&#8217;s
operations in Brazil increased 19.8% in the year ended on December 31, 2022, amounting R$&nbsp;42,635.7 million compared to R$ 35,586.5
million in the same period in 2021.</P>


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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated from the Company&#8217;s
beer operations in Brazil increased 17.4% in the year ended on December 31, 2022, accumulating R$ 35,857.8 million compared to R$ 30,537.1
million in the same period in 2021. This variation is a consequence of a 3.5% increase in volume sold, coupled with a 13.4% increase in
net revenue per hectoliter in 2022. The Company continued to seize the moment and grow volumes by consistently executing its commercial
strategy, even after having reached a step change in volumes in the prior couple years. In addition, revenue management initiatives combined
with brand mix also led to better levels of net revenue per hectoliter performance.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated from the Company&#8217;s
NAB operations in Brazil increased 34.2% in the year ended on December 31, 2022, reaching R$ 6,777.9 million compared to R$ 5,049.4 million
in the same period in 2021. This variation is a consequence of a 12.0% increase in volume sold, coupled with a 19.8% increase in net revenue
per hectoliter in 2022. The strengthening of out of home consumption occasions throughout the year combined with a solid commercial strategy,
and an improved distribution with BEES led to volume growth, while net revenue per hectoliter performance was driven by revenue management
initiatives coupled with positive mix of single serve packages and premium brands.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated from the Company&#8217;s
CAC operations decreased 5.1% in the year ended on December 31, 2022, accumulating R$ 9,440.3 million compared to R$ 9,947.4 million in
the same period in 2021. This variation is a consequence of a 12.1% decrease in volume sold, with net revenue per hectoliter growing by
7.9% in 2022. Volume decline was mainly due to supply chain constraints affecting the region in the first half of the year, a weak consumption
environment in the second half, while net revenue per hectoliter performance driven by revenue management initiatives and mix was partially
offset by currency translation impacts as local currencies depreciated in relation to the Brazilian real during the period.</P>

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

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt"><I>Operations in LAS</I></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated from the Company&#8217;s
LAS operations increased 4.8% in the year ended on December 31, 2022, amounting R$ 17,371.2 million compared to R$ 16,571.7 million in
the same period in 2021, as a consequence of a 1.7% increase in volume sold, coupled with a 3.1% increase in net revenue per hectoliter
in 2022. Volume growth was mainly driven by a resilient volume performance in Argentina and Bolivia recovering from COVID-19 impacts,
while net revenue per hectoliter performance was due to the disciplined execution of revenue management initiatives amid a highly inflationary
environment, especially in Argentina, partially offset by currency translation impacts as local currencies depreciated in relation to
the Brazilian real during the period.</P>

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

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

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The net revenue generated from the Company&#8217;s
operations in Canada decreased 4.5% in the year ended on December 31, 2022, reaching R$ 10,261.7 million compared to R$ 10,748.7 million
in the same period in 2021, as a consequence of a 2.8% decrease in volume sold, coupled with a 1.8% net revenue per hectoliter decrease
in 2022. Volume decreased within the context of a weak industry both in beer and beyond beer segments, while positive net revenue per
hectoliter performance mainly driven by revenue management initiatives was offset by currency translation impacts as local currency depreciated
in relation to the Brazilian real during the period.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(c) Relevant impacts of inflation, price variations
of main inputs and products, foreign exchange and interest rates on the issuer&#8217;s operating and financial income.</B></P>


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<P STYLE="font: 12pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2022, our cost of product sold was negatively impacted
by the prices of some commodities, mainly agricultural and metal commodities that were hedged in US dollars at values higher than those
of the previous year, impacting the cost of products sold of our operations both in the Brazil and abroad. In our international operations,
in general, the cost conversion into <I>Real</I> resulted in a positive impact, due to the appreciation of <I>Real</I> against the local
currencies in each operation. Also, in LAS, the inflationary pressures intensified, mainly in Argentina.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>2.3 &#8211; The Management should comment on: </B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B>Changes
in accounting practices that have resulted in significant effects on the information provided for in items 2.1 and 2.2 </B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">No changes in the Company&#8217;s accounting practices,
which have resulted in significant effects on the information provided for in items 2.1 and 2.2 in the last fiscal year, were recorded.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B>Modified
opinions and emphases present in the auditor&#8217;s report </B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The independent auditors&#8217; report on the Company&#8217;s
financial statements for the last fiscal year was issued without modified opinions and emphases.</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>2.4 &#8211; The Management should comment on the
relevant effects that the events below have caused or are expected to cause on the issuer&#8217;s financial statements and on its results:</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>(a) Introduction or divestment of operating segment </B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">There was no introduction or divestment of any operating
segment of the Company that is characterized as a divestment or introduction of a cash-generating unit in the fiscal year ended on December
31, 2022.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>(b) Organization, acquisition or disposal of equity interest</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0">There was no event of organization, acquisition or disposal of equity in
the fiscal year ended on December 31, 2022.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0"><B>(c) Unusual events or transactions </B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"><I>COVID-19 Impacts</I></P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">The impact of the COVID-19 pandemic on our operations
and the restrictions imposed in response by national governments, especially since March 2020, have generated significant changes in market
dynamics both in the off-trade sales channel, composed of supermarkets and the like, and in the on-trade channel, which is composed of
bars and restaurants. In all the cases, the more severe the restrictions on the sale and consumption of our products, the greater the
reduction in volume, which is why Bolivia and Panama were among the worst-affected countries, primarily in the fiscal year 2021. On the
other hand, we observed an increase in sales related to e-commerce in all countries we operate, although this channel represents a small
portion of Company&#8217;s total volume.</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">In early 2022, our operations, mainly in Brazil, were
impacted by the wave of the Omicron variant of COVID-19, which, combined with factors such as unfavorable weather, negatively impacted
our sales. From the second quarter on, with the progress of the vaccination programs and the greater control over the advance of the COVID-19
pandemic, there was a relaxation of the restrictions in the regions in which we operate, favoring the recovery of the on-trade channel,
despite the uncertainty about how the consumption recovery will evolve in each of these territories. In Brazil, the consistent implementation
of the Company's strategy combined with the context of relaxed restrictions and the return of occasions for out-of-home consumption generated
a positive volume trend, with growth in both volume and net revenue compared to the same 2021 period. In the event that circumstances
related to the COVID-19 pandemic evolve,</P>


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<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">government authorities may implement emergency measures
to mitigate the spread of the disease. The pandemic and corresponding mitigation measures may have an adverse impact on global economic
conditions as well as the Company&#8217;s business. The extent of the pandemic COVID-19 impact on the Company&#8217;s business will depend
on future developments, such as the duration of further outbreaks, any possible trade shutdowns and restrictions, and the effectiveness
of actions taken in the regions where we operate and in other countries to contain and treat the disease. As such events are highly uncertain,
the Company cannot determine their financial impact at this moment. Any adverse impacts could result in a material adverse effect on our
business, liquidity, financial condition and results of operations. However, we continue to manage our cash and capital resources with
discipline and Management concludes that there is no doubt about the Company&#8217;s ability to continue its operations. Any impacts may
result in a material adverse effect on our business, liquidity, financial situation and results of operations. However, we continue to
manage our liquidity and capital resources with discipline, and the Management concludes that there is no doubt about Company&#8217;s
capacity to continue with its operations.</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">As required by IAS 1/CPC 26 - Submission of Financial
Statements, Company&#8217;s Management updated the analyses on the impact of the COVID-19 pandemic, considering the base date of December
31, 2022, which mainly involved (i) the review of the assumptions of the annual impairment test, as described in Note 14 - Goodwill, (ii)
analysis of possible credit losses and inventory obsolescence, (iii) analysis of the recoverability of deferred taxes, and (iv) assessment
of the relevant estimates used to prepare the consolidated and separate financial statements, among other analyses.</P>

<P STYLE="font: 10pt/110% Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Any impacts derived from these analyses are reflected
in the consolidated and separate financial statements and disclosed in the relevant notes. Additionally, due to the protection actions
of its employees and the donations made, the Company incurred non-recurring expenses that amounted, on December 31, 2022, R$ 16,175.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><I><U>Tax Credits - 2022</U></I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">After the decision of the Supreme Federal Court (&#8220;STF&#8221;)
in the judgment of RE 574.706/PR, rendered in 2017 and ratified in May 2021, which declared the unconstitutionality of the inclusion of
ICMS in the taxable base of PIS and COFINS, the General Attorney&#8217;s Office (&#8220;PGFN&#8221;), with binding effects, ruled on the
content and effects of said decision. The PGFN normative (PGFN Opinion No.14,483/2021, which approved and complemented PGFN Opinion No.
12,943/2021) presented its understanding on the limits of the judgment and equated the procedures that must be observed by the Tax Administration
in relation to the matter, especially with regard to issues related to the ICMS to be excluded from the taxable base of PIS and COFINS,
temporal aspects regarding the applicability of the STF understanding (modulation of effects) and the impacts of said exclusion on the
credits recorded by the purchasers in entry operations.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In view of the pacification and the binding understanding
of the subject by the PGFN, with important clarifications as to the content and effects of the decision rendered by the STF in the context
of RE 574.706/PR, the Company carried out a set of analysis, with the support of its legal advisors and external consultants, with the
objective of deepening and exhausting all legal issues linked to the topic for a specific portion of its transactions, which, as they
involve transactions between subsidiaries, are more complex in terms of quantifying the amount of the overpayment to be recovered, notably
in view of aspects related to the non-cumulative method of PIS and COFINS calculation within a Group structure.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Such analysis presented additional complexity when compared
to the recognition of credits resulting from the exclusion of the ICMS from the taxable base of PIS and COFINS previously registered by
the Company, since it involves transactions with subsidiaries, as mentioned above, as well as in view of the need to combine the legal
understanding mentioned above with the specific tax regimen in the which the Company is inserted.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">In view of the above, in the second quarter of 2022, of all
the relevant steps needed for the fulfillment of the mandatory requirements for the accounting recognition of the asset, including its
measurement with reasonably reliability, the localization of the respective documents and quantifying the related amount of the overpayment,
the Company had its results for the second quarter of 2022 positively impacted by an additional tax credit of R$ 1.2 billion.</P>


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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">With respect to the amount referred to above, R$ 0.9 billion
was recorded in Other Operating Income, as described in Note 22 - Other operating income/(expenses), and R$0.3 billion in Financial Income,
as described in Note 25 - Financial expenses and income.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Given the nature of the dispute, these tax credits are technically
part of our normalized results from an accounting perspective. However, given their representativeness and to ensure greater transparency
of the performance of our businesses, we disregarded such amounts for purposes of calculating our organic performance of adjusted EBITDA.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify; background-color: white"><I>Share buy-back program</I></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">At a meeting held on March 18, 2021, the Board of Directors
approved, pursuant to art. 30, &sect;1, &#8220;b&#8221;, of Law No. 6,404/76 and CVM Instruction No. 567/15 (revoked by CVM Resolution
No. 77/22), a share buy-back program issued by the Company itself (&#8220;Program&#8221;) up to the limit of 5,700,000 common shares,
with the main purpose of meeting the delivery of shares within the scope of Company&#8217;s share-based compensation plans, which may
also be held in treasury, canceled and/or sold later. The program ended on September 18, 2022, as per the term previously informed by
the Company in the Material Fact released to the market on March 18, 2021. On the same date, the Company had 4,357,308,131 outstanding
shares, as defined in CVM Instruction No. 567/15 (revoked by CVM Resolution No. 77/22). The acquisitions of shares were carried out in
2021 and 2022, within the scope of this Program, and were carried out by debiting the capital reserve account recorded in the balance
sheet drawn up on December 31, 2020 and December 31, 2021, respectively. The transaction was carried out, in 2021 and 2022, through the
following financial institutions: <I>UBS Brasil Corretora de C&acirc;mbio, T&iacute;tulos e Valores Mobili&aacute;rios S.A.</I> and <I>Ita&uacute;
Corretora de Valores S.A.</I></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Renegotiation of Tenedora&#8217;s shareholders agreement</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; background-color: white">The Company and E. Le&oacute;n
Jimenes, S.A. (&#8220;ELJ&#8221;), as shareholders of Tenedora CND, S.A. (&#8220;Tenedora&#8221;) - holding company with principal place
of business in the Dominican Republic, owner of almost all of Cervecer&iacute;a Nacional Dominicana, S.A. - entered into, on July 2, 2020,
the second amendment to Tenedora&#8217;s Shareholders&#8217; Agreement (&#8220;<U>Shareholders&#8217; Agreement</U>&#8221;) to extend
their partnership in the country, postponing, therefore, the period for exercising the call and put options set forth in the aforementioned
Shareholders&#8217; Agreement. ELJ currently owns 15% of the shares of Tenedora and its put option now is divided into two tranches: (i)
Tranche A, corresponding to 12.11% of the shares, exercisable in 2022, 2023 and 2024; and (ii) Tranche B, corresponding to 2.89% of the
shares, exercisable from 2026. The Company, in turn, has a call option relating to Tranche A shares, exercisable from 2021, and relating
to Tranche B shares, exercisable from 2029. By December 31, 2022, these options had not been exercised. Details of the assumptions used
for this option are described in Note 29 (item IV (d)).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>2.5 - If the issuer has disclosed, during the last
fiscal year, or wishes to disclose non-accounting measurements on this form, such as EBITDA (earnings before interest, taxes, depreciation
and amortization) or EBIT (earnings before interest and income tax), the issuer must:</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt"><B>(a)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B>Inform
the value of non-accounting measurements </B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The Company uses performance indicators such as adjusted income of the
consolidated operation before financial results and income taxes (adjusted Operating Income) and adjusted income of the consolidated operation
before financial results, income taxes and depreciation and amortization expenses (Adjusted EBITDA).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; vertical-align: top; width: 49%; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt"><I>(in millions of reais)</I></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 51%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>12/31/2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Operating Income</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">17,687.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Adjusted Operating Income </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">17,831.2</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Adjusted Operating Income Margin</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">22.4%</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">EBITDA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">23,615.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Adjusted EBITDA </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">23,770.9</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Adjusted EBITDA margin</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">29.8%</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B><U>Operating Income, adjusted Operating Income and adjusted Operating Income
Margin</U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Operating Income is calculated by excluding from the
net income for the year the following effects: (i) non-controlling interest, (ii) income tax expenses, (iii) profit sharing of affiliates
and subsidiaries, and (iv) net financial results.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The adjusted Operating Income is an accounting measurement
that corresponds to Operating Income minus exceptional items and participation in joint ventures results. The exceptional items are composed
of: (a) restructuring; (b) effects of applying IAS 29/CPC 42; (c) non-recurring expenses incurred due to the COVID-19 pandemic; and (d)
investments write-off (&#8220;<U>Exceptional Items</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The adjusted Operating Income Margin, in turn, is calculated
by dividing the adjusted Operating Income by the net revenue.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Operating Income and adjusted Operating Income are
not measures of income in accordance with the accounting practices adopted in Brazil and do not represent cash flows for the periods presented,
and, therefore, are not alternative measures to results or cash flows. Operating Income and adjusted Operating Income represent performance
measures for management purposes and for comparison with similar companies and correspond to EBITDA and Adjusted EBITDA (see below), including
depreciation, amortization and depletion. The Company cannot guarantee that other companies, including closely-held companies, will adopt
the same meaning for such measurements.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B><U>EBITDA, adjusted EBITDA and adjusted EBITDA Margin</U></B></P>
<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B><U></U></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">EBITDA is a non-accounting measurement calculated by
excluding from the net income for the year the following effects: (i) non-controlling interest, (ii) income tax expenses, (iii) profit
sharing of affiliates and subsidiaries, (iv) net financial results, and (v) depreciation and amortization expenses. That is, it is the
Operating Income, excluding the effects of depreciation and amortization expenses.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Adjusted EBITDA, on the other hand, corresponds to
EBITDA minus exceptional items and participation in the results of <I>joint ventures</I>. The exceptional items are composed of: (a) restructuring;
(b) effects of applying IAS 29/CPC 42; (c) non-recurring expenses incurred due to the COVID-19 pandemic; and (d) investments write-off
(&#8220;<U>Exceptional Items</U>&#8221;).</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Adjusted EBITDA Margin, in turn, is calculated by dividing
the adjusted EBITDA by the net revenue.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">EBITDA, adjusted EBITDA and adjusted EBITDA Margin
are not measures of income in accordance with the accounting practices adopted in Brazil and do not represent cash flows for the periods
presented, and, therefore, are not alternative measures to results or cash flows. The Company uses Adjusted EBITDA as a performance measure
for management purposes and for comparison with similar companies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Although EBITDA may have a standard meaning, according
to article 3, item I, of CVM Resolution No. 156/22, the Company cannot guarantee that other companies, including closely-held companies,
will adopt this standard meaning and/or that they will adopt the Company&#8217;s standard. Accordingly, the Adjusted EBITDA disclosed
by the Company may not be comparable to the EBITDA disclosed by other companies.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">We classified EBITDA as adjusted, considering that
accounting standards do not cover certain exclusions promoted by the Company, for a better understanding and reflection of the Company&#8217;s
operating cash generation, considering its operation market. The Company understands that adjusted EBITDA offers a better perception of
the operating results and a clearer view of the Company for investors and third parties.</P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-size: 10pt"><B>(b)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-size: 10pt"><B>Make
reconciliations between the amounts disclosed and the amounts in the audited financial statements </B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>Reconciliation of Operating Income, adjusted Operating
Income and adjusted Operating Income Margin</B></P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; width: 66%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>(<I>Description of the Account in millions of Reais</I>)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top; width: 34%; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Year ended on</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>12/31/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Net income &#8211; Ambev</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>14,457.9</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">433.3</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Income tax and social contribution expenses</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">(655.6)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Income before taxes </B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>14,235.7</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Profit sharing of joint ventures</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">29.1</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Net financial results</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">3,423.2</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Operating Income</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">17,687.9</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Exceptional items </FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">143.3</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Adjusted Operating Income</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>17,831.2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Net revenue</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">79,708.8</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Adjusted Operating Income Margin</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">22.4%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>EBITDA Reconciliation, adjusted EBITDA and adjusted
EBITDA Margin</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>(<I>Description of the Account in millions of Reais</I>)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.4pt 4.25pt; vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Year ended on:</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; width: 66%; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 1.4pt 4.25pt; width: 32%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>12/31/2022</B></FONT></TD>
    <TD STYLE="width: 2%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Net income &#8211; Ambev</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>14,457.9</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Non-controlling interest</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">433.3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Income tax and social contribution expenses</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">(655.6)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Income before taxes </B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>14,235.7</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Participation in the results of joint ventures</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">29.1</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Net financial results</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">3,423.2</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Exceptional items</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">143.3</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Depreciation, Amortization &#8211; total*</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">5,939.6</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>23,770.9</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Exceptional items without investments write-off</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">(126,7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Participation in the results of joint ventures</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">(29.1)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>EBITDA </B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>23,615.1</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Net revenue</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">79,708.8</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Adjusted EBITDA Margin</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">29.8%</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">*considering investments write-off</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>Exceptional items</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.4pt 4.25pt; vertical-align: top; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Year ended on:</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; width: 63%; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Description of the Account (in millions of reais)</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; width: 33%; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>12/31/2022</B></FONT></TD>
    <TD STYLE="width: 4%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Restructuring<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">(101.7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Effect of applying IAS 29/CPC 42 (hyperinflation)</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">(8.2)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">COVID-19 impacts<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">(16.7)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">Investment write-off <SUP>(iii)</SUP></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">(16.6)</FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>(143.3)</B></FONT></TD>
    <TD STYLE="font-family: Times New Roman,serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman,serif; margin: 0 14.1pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 7pt Times New Roman,serif; margin: 0 14.1pt 0 0; text-align: justify">(i) Restructuring expenses relate primarily to centralization
and sizing projects in Latin America - South, CAC and Brazil.</P>

<P STYLE="font: 7pt Times New Roman,serif; margin: 0 14.1pt 0 0; text-align: justify">(ii) COVID-19 expenses refer to (a) additional administrative
expenses to ensure the safety of our team (increased frequency of cleaning in our units, provision of hand-sanitizer, masks for our employees);
(b) donations; (c) the Company&#8217;s initiatives with the customer ecosystem, which were only necessary due to the COVID-19 pandemic.</P>
<P STYLE="font: 7pt Times New Roman,serif; margin: 0 14.1pt 0 0; text-align: justify">(iii) Refers to the business line investment write-off
in Canada.</P>

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<P STYLE="font: 8pt Times New Roman,serif; margin: 0 14.1pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="letter-spacing: 0.05pt">Explain
the reason why it is understood that such measurement is more appropriate for the correct understanding of the financial condition and
results of the Company&#8217;s operations</FONT></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The Company&#8217;s Management uses performance indicators,
such as adjusted income of the consolidated operation before financial results and income taxes (Operating Income) and adjusted income
of the consolidated operation before financial results, income taxes and depreciation and amortization expenses (adjusted EBITDA), as
segment performance metrics to make decisions about fund allocation and performance analysis of the consolidated operation.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Adjusted EBITDA and adjusted Operating Income are not
measures in accordance with the Brazilian Accounting Principles, US GAAP or IFRS and do not represent cash flows for the periods presented,
nor should they be considered as substitutes for loss or net income as an indicator of our operating performance or as a substitute for
cash flow as an indicator of liquidity. Adjusted EBITDA and adjusted Operating Income have limitations that may impair their use as a
measure of profitability, as they do not consider certain costs arising from our business that could significantly affect our profits,
such as financial expenses, taxes, depreciation, capital expenditures and other related charges.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">It should also be noted that adjusted EBITDA is used
as a performance measure by the Management, which is why the Company understands that its inclusion in this Exhibit is important. The
Company&#8217;s Management believes that adjusted EBITDA is a practical measure to assess its operating performance and allow comparison
with other companies in the same segment, even though other companies may calculate it differently.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The Company understands that EBITDA is a supplementary
indicator in the evaluation of its operating performance. In addition, the Company believes that EBITDA gives investors a better understanding
of its ability to perform its obligations and its ability to obtain new financing for its investments and working capital.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Finally, it is emphasized that the adjusted measures
are additional measures used by the Management and should not replace measures calculated in accordance with IFRS as an indicator of the
Company&#8217;s performance.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>2.6 - Identify and comment on any events subsequent
to the last financial statements for the closing of the fiscal year that change them substantially</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">There are no events subsequent to the last consolidated
financial statements for the fiscal year ended in 2022.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>2.7 &#8211; The Management should comment on the
allocation of social results, indicating:</B></P>

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  <TR>
    <TD STYLE="border: black 1pt solid; width: 27%; padding: 1.4pt 4.25pt 1.4pt 6.6pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 73%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 7.15pt; padding-left: 7.95pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt"><B>2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt 4.25pt 1.4pt 6.6pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt; letter-spacing: 0.05pt"><B>(a</B></FONT><B><FONT STYLE="font-size: 8pt">)&#9;<FONT STYLE="letter-spacing: -0.05pt">Rules on retained earnings</FONT></FONT></B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt 7.15pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt">According to the Brazilian Corporations Law, any accrued losses and the provision for income tax will be deducted from the income for the year, before any participation. Thus, the Company&#8217;s Bylaws and its Profit Allocation Policy provide that from the ascertained balance will be successively calculated: (i) the statutory participation of the Company&#8217;s employees up to the maximum limit of 10%, to be distributed according to parameters to be established by the Board of Directors; and (ii) the statutory participation of managers, up to the maximum legal limit. Immediately thereafter, on this amount, a contribution may also be calculated, up to a limit of 10%, to meet the charges of the assistance foundation for employees and managers of the Company and its controlled companies, with due regard for the rules established by the Board of Directors in this regard. Five percent (5%) of net income for the year, obtained after the aforementioned deductions, will be allocated to establish a legal reserve, which may not exceed 20% of the paid-in share capital or the limit provided for in &sect; 1 of art. 193 of Law No. 6,404/76. In addition, the Company&#8217;s Bylaws and its Profit Allocation Policy establish that an amount not exceeding 60% of the adjusted annual net income is allocated to the investment reserve, with the purpose of financing the expansion of the activities of the Company and controlled companies, including through the subscription of capital increases or the creation of new ventures, which may not exceed 80% of the paid-up share capital (once this limit is reached, the General Meeting will decide on the balance, proceeding with its distribution to the shareholders or an increase in share capital).</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="border: black 1pt solid; width: 27%; padding: 1.4pt 4.25pt 1.4pt 6.6pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt; letter-spacing: 0.05pt"><B>(b</B></FONT><B><FONT STYLE="font-size: 8pt">)&#9;Rules on <FONT STYLE="letter-spacing: -0.05pt">distribution of dividends</FONT></FONT></B></TD>
    <TD STYLE="border-top: black 1pt solid; width: 73%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 7.15pt; padding-left: 4.25pt; font-family: Times New Roman,serif; text-align: justify; text-indent: 0.25pt"><FONT STYLE="font-size: 8pt">The Company&#8217;s Bylaws and its Profit Allocation Policy establish that at least 40% of net income adjusted pursuant to art. 202 of Law No. 6,404/76 is annually distributed to the shareholders as a mandatory dividend.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt 4.25pt 1.4pt 6.6pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt"><B>(c)&#9;<FONT STYLE="letter-spacing: 0.1pt">Frequency of the distributions of dividends</FONT></B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt 7.15pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt; letter-spacing: -0.15pt">The Company distributes dividends on an annual basis. In addition, at any time, the Board of Directors may decide on the distribution of interim dividends and/or interest on net equity, to the account of retained earnings or existing earnings reserves in the last annual or biannual balance sheet.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt 4.25pt 1.4pt 6.6pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt"><B>(d)&#9;Possible restrictions on the distribution of dividends imposed by legislation or by special regulations applicable to the Company, by agreements, judicial, administrative or arbitration decisions</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt 7.15pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt">Except for the provisions of the Brazilian Corporations Law, there are no restrictions on the distribution of dividends by the Company.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt 4.25pt 1.4pt 6.6pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt"><B>(e)&#9;If the issuer has a formally approved profit allocation policy, informing the body responsible for approval, date of approval and, if the issuer discloses the policy, locations on the World Wide Web where the document can be accessed.</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt 7.15pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt">The Company has a Profit Allocation Policy that was approved by the Board of Directors on September 19, 2018, and can be found at the following electronic address: ri.ambev.com.br, in section &#8220;Corporate Governance&#8221;, &#8220;Policies, Codes and Regulations&#8221;, &#8220;Profit Allocation Policy&#8221;.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12.5pt Times New Roman,serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><FONT STYLE="font-size: 11pt"><B>2.8 &#8211; </B></FONT><B><FONT STYLE="font-size: 10pt">The
Management should describe the material items not reflected in the issuer&#8217;s financial statements, indicating:</FONT></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(a) The assets and liabilities directly or indirectly
held by the issuer and not reflected in its balance sheet (off-balance sheet items), such as:</B></P>

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

<P STYLE="font: 10pt Tahoma,sans-serif; margin: 0 0 12pt; text-align: justify; text-indent: 0cm"><FONT STYLE="font-family: Times New Roman,serif"><B><I>(i)</I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Times New Roman,serif">Written-off receivables portfolios on which the entity has not substantially retained
or transferred the risks and benefits of ownership of the transferred asset, indicating related liabilities </FONT></I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B><I>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements
for future purchase and sale of products or services </I></B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B><I>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfinished
construction agreements </I></B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements
for future financing receipts </I></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable, since there is no material item not
reflected in Company&#8217;s accounting statements for the fiscal year ended on December 31, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>(b) Other items not reflected in the financial statements</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable, since there is no material item not
reflected in Company&#8217;s accounting statements for the fiscal year ended on December 31, 2022.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>2.9. In relation to each of the items not reflected
in the financial statements indicated in item 2.8, the management should comment on:</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(a) How do those items change or may change the
revenues, expenses, operating income, financial expenses and other items in the financial statements of the issuer</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As mentioned in item 2.8 above, there are no items
that were not reflected in the accounting statements for the fiscal year ended on December 31, 2022.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(b) Nature and purpose of the transaction</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As mentioned in item 2.8 above, there are no items
that have not been reflected in the accounting statements for the fiscal year ended on December 31, 2022.</P>


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<P STYLE="font: 12pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(c) Nature and amount of the obligations assumed
and rights generated to the benefit of the Company as a result of the transaction</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">As mentioned in item 2.8 above, there are no items
that have not been reflected in the accounting statements for the fiscal year ended on December 31, 2022.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>2.10 &#8211; The Management should indicate and
comment on the main elements of the issuer&#8217;s business plan, specifically exploring the following topics: </B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investments,
including:</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(i) quantitative and qualitative description
of existing and anticipated investments</I></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2022, the investment in consolidated property, plant
and equipment and intangible assets amounted to R$ 6,533.1 million, consisting in R$ 4,062.9 million for our business segment in Brazil,
R$ 968.4 million for our business segment in CAC, R$ 1,112.8 million related to investments in our operations in LAS and R$ 389.0 million
related to investments in Canada.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">These investments included, mainly, the expansion of
the productive capacity, quality control, automation, modernization and replacement of the packaging lines, storage for direct distribution,
coolers, and investment for the replacement of bottles and crates, market assets of former players as well as continued investment in
information technology.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">In 2023, we plan to invest with the purpose of increasing
value generation through greater return on our invested capital, keep focusing on technology and supporting are operations for continuous
improvement of our level of service.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(ii) sources of financing for investments</I></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">The Company has resources from its operating cash flow
generation and credit facilities extended by financial institutions in Brazil and other countries as sources of financing for its investments.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(iii) relevant divestments in progress and anticipated
</I></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">There are no significant divestments foreseen on the
date of this Exhibit.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>(b) Provided that it has already been disclosed,
indicate the acquisition of plants, equipment, patents and other assets that should significantly affect the production capacity of the
issuer</B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">There has been no disclosure of acquisition of plants,
equipment, patents or other assets, other than those already described in item 2.10 (a) above that may significantly affect the production
capacity of the Company.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B>(c) New products and services, indicating:</B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(i) description of the research in progress already
disclosed,</I></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(ii) total amounts spent by the issuer on research
for the development of new products or services,</I></B></P>

<P STYLE="font: 12pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(iii) projects under development already disclosed,
and</I></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify"><B><I>(iv) total amounts spent by the issuer on the
development of new products or services.</I></B></P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Even though COVID-19 pandemic has created
significant challenges for our business, it has also accelerated consumer trends in which we have been investing, mainly reinforcing
the need for an innovative and consumer centric mindset and promoting the transformation of our business through technology. Innovation
became one of the main pillars of our business and of our commercial strategy frontline; despite of a detailed review of our discretionary
expenses in order to assure our liquidity, research and development are and continue to be seen as fundamental to enable continuous innovation
to our consumers.<B>&nbsp;</B></P>

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




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<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We maintain an innovation, research, and development
center in Brazil, in the City of Rio de Janeiro, State of <I>Rio de Janeiro, at Universidade Federal do Rio de Janeiro</I> (UFRJ). This
new center (ZITEC &ndash; <I>Centro de Tecnologia e Inova&ccedil;&atilde;o</I>), which operations started in the last months of 2017,
intensifying its activities in 2018, substitutes the previous P&amp;D structure based in Guarulhos, to propel the innovation of products
with the development of new liquids and more modern packaging to assure a continuous differentiation of products and annual increases
in quality and efficiency. One of the main characteristics of the development center is the prototypes lab, which enables the creation
of complete prototypes, assisting in the creation process of new products. Another goal of the development center is to perform perception
and behavioral consumer&rsquo;s studies so to capture future trends. ZITEC enabled Ambev to reduce its innovation launch period from eight
to four months. During 2020, continuing our strategy towards innovation, we launched Berri&oacute; and Esmera, two brands made with local
crops from the States of Piau&iacute; and Goi&aacute;s, respectively, Andes Origens and the most successful innovation in the Ambev history,
Brahma Duplo Malte. In 2021, we continued to expand our diversity with the launch, in Brazil, of Michelob Ultra and Spaten, a pure malt
beer, Munich Helles style. In 2022, one of our main innovations were Budweiser Zero, recognized as the best non-alcohol beer in the Brazilian
market by <I>O Estado de S&atilde;o Paulo</I> newspaper, and Caipi Beats, new member of the Beats family, with a &ldquo;caipirinha&rdquo;
flavor (a very popular Brazilian drink) made with <I>cacha&ccedil;a</I>. Regarding packaging innovation, we developed an exclusive technology
named KEG 5L, which was awarded as &ldquo;The Best Packaging Technology&rdquo; in 2022 by ABRE (Brazilian Packaging Association), reinforcing
our sustainability commitment. The investment made in the development center in the last three years was of approximately R$ 96 million,
including R$ 11 million in 2021 and R$ 36 million in 2022.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2022, in addition to new products and packaging,
we continued to provide convenience and innovation to our clients and consumers through BEES and Z&eacute; Delivery, which are one of
our main digital platforms. More than 88% of our active clients in Brazil purchased through BEES in 2022 and almost 75% of our clients
were exclusively purchasing through the platform. Once again, the platform helped us to achieve a historic record of clients, including
more than 200 thousand new clients to our year base, not to mention the best NPS of all times. At BEES Marketplace we currently offer
more than 550 SKUs in different categories such as food products, nonalcoholic beverages and hard liquor. The number of clients purchasing
in the marketplace was equal to 74% of BEES&rsquo; clients on December 31, 2022. Z&eacute; Delivery also continued to grow in 2022, being
present in over 380 cities and in all 27 Brazilian states, reaching more than 55% of the country&rsquo;s total population. Z&eacute; Delivery
delivered more than 62 million orders in the year and had almost 5 million monthly active users on December 31, 2022.</P>

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

<P STYLE="font: 10pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify">At LAS, our digital transformation journey
is also evolving with the implementation of BEES. In Argentina, more than 65% of the B2B buyers are purchasing through BEES and more than
75% of the net revenue of the country comes from the platform. The number of clients purchasing in the marketplace corresponded to more
than 40% of the BEES clients on December 31, 2022. In Paraguay, 80% of the 51 direct and indirect B2B sales are made through BEES, with
total digital buyers representing 89% of the total number of clients. At CAC, the Dominican Republic continues leading the BEES platform
expansion, actively sharing know-how and best practices with other operations. The country reached a full digital operation status, with
99% of the B2B clients purchasing through the platform and more than 90% of the net revenue of the country coming from BEES. We are also
exploring the BEES Marketplace in the country, with 13 different categories available and 130 SKUs for our clients. In Panama, we also
continue to implement BEES, with more than 90% of the country&rsquo;s net revenue deriving from the platform.</P>


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

<P STYLE="font: 10pt Tahoma,sans-serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman,serif"><B>Opportunities
included in the issuer&#8217;s business plan related to ESG issues</B></FONT></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Since the creation of Ambev, sustainability has been
part of our business strategy.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">As business opportunities related to ESG issues we
have:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-size: 10pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">investments in renewable energies as a way of mitigating greenhouse gas
emissions, while providing a more diversified portfolio of energy sources and greater guarantee of availability of supply to meet the
Company&#8217;s operations.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-size: 10pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">offer of renewable electricity to points of sale as a way to offer means
of mitigating CO2 emissions, while offering savings to owners of partner bars and restaurants through a partnership with Lemon Energy
and other companies.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-size: 10pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">acquisition of electric trucks, in partnership with partner carriers, with
investments to advance conversion technology and encourage adoption in more Brazilian cities. Today there are already 258 trucks operating
in Brazilian cities and also in Paraguay and Bolivia. In addition to the environmental gains, with the reduction of atmospheric gas emissions,
there are also gains for the health of the cities, differentiated traffic permits in some cities and avoided costs of fuel consumption.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-size: 10pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">implementation of CCU (Carbon Capture and Utilization) technologies, to
capture CO2 from burning boilers in breweries, resulting in avoided acquisition of carbon dioxide, with consequent use within the production
itself for gasification of products and occasional external sale.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-size: 10pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">support for the development and financial security of our partners, strengthening
the production chain and avoiding supply disruptions, delays or non-payment at points of sale, and expansion of the supply and sales ecosystem
through entrepreneurship platforms such as Bora.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 0 1cm; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 1cm"><FONT STYLE="font-size: 10pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">incentive for the development and strengthening of the ecosystem of micro
and small breweries that may use our platform to sell their products (Emp&oacute;rio da Cerveja), share innovations, in addition to improving
our reputation, which enhances the maintenance of the Company&#8217;s sales environment.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman,serif; margin-top: 0; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.4pt"></TD><TD STYLE="width: 28pt">(v)</TD><TD STYLE="text-align: justify">improvement of the Company&#8217;s governance and transparency system, compared to companies in the same
industry.</TD></TR></TABLE>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><B>2.11 &#8211; Comment on other factors that significantly
influenced operating performance and that have not been identified or commented on in the other items of this section </B></P>

<P STYLE="font: 10pt/12.5pt Times New Roman,serif; margin: 0; text-align: justify">There are no other factors that significantly influenced
operating performance and that have not been identified or commented on in the other items of this section.</P>


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<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex99-2.htm
<DESCRIPTION>EXHIBIT A.II ALLOCATION OF NET PROFIT
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<P STYLE="font: bold 11pt Times New Roman,serif; margin: 0 0 0 36pt; text-transform: uppercase; text-align: center; text-indent: -36pt"><FONT STYLE="font-variant: small-caps"><U>EXHIBIT
A.II &#8211; ALLOCATION OF NET PROFIT</U></FONT></P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: center"><I>(as exhibit A to CVM Resolution 81/22)</I></P>

<!-- Field: Rule-Page --><DIV STYLE="margin-top: 1pt; margin-bottom: 1pt; width: 100%"><DIV STYLE="border-top: Black 0.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: bold 10pt Times New Roman,serif; padding-top: 6pt; padding-left: 24pt; text-indent: -24pt; text-align: justify"><FONT STYLE="font-size: 11pt">1.&#9;Net profit for the year:</FONT></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 59%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">Net profit as per corporate law</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 41%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 11pt">R$ 14,457,942,696.43</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: bold 10pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">2.&#9;Overall value and value per share of the dividends, including interim dividends and interest on own capital (IOC) already declared.</FONT></TD></TR>
  </TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 56%; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Overall value of dividends and IOC (gross) </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 44%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;11,999,808,024.92</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Overall value of dividends and IOC (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;10,427,158,577.08</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Overall value of dividends</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;357,353</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Overall value of IOC (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;11,999,808,024.92</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Overall value of IOC (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;10,427,158,577.08</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt"><B>Total (dividends + IOC)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Amount per share (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;0.6480</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Amount per share (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;0.7623</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt"><B>Dividends</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Amount per share</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt"><B>IOC</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Amount per share (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;0.7623</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Amount per share (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Common</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">R$&nbsp;0.6480</FONT></TD></TR>
  </TABLE>

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

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    <DIV STYLE="border-bottom: Gray 1pt solid; margin-bottom: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>3.&#9;Percentage of net profit distributed for the fiscal year:</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 47%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">Percentage of net profit distributed for the fiscal year </FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 53%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 11pt">83.00%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">Net percentage of net profit distributed </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 11pt">72.12%</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>4.&#9;Overall value and value per share of dividends distributed based on profits from previous fiscal years:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">In 2022, dividends based on the profit of previous years were not distributed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>5.&#9;State, having deducted the advance dividends and interest on own capital already declared:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman,serif; margin: 6pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><B>a)<FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-size: 11pt">The gross value of the dividends and interest on own capital, declared separately, for shares of
    each type and class.</FONT></B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts already advanced and declared by the Board of Directors of the Company, informed in item 2 above.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman,serif; margin: 6pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><B>b)<FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;
    </FONT><FONT STYLE="font-size: 11pt">The manner and period for the payment of dividends and interest on own capital.</FONT></B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts already advanced and declared by the Board of Directors of the Company, informed in item 2 above.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman,serif; margin: 6pt 0 0 36pt; text-align: justify; text-indent: -36pt"><B>c)<FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;
    </FONT><FONT STYLE="font-size: 11pt">Possible restatement and interest falling due on dividends and interest on own capital.</FONT></B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts already advanced and declared by the Board of Directors of the Company, informed in item 2 above.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 12pt Times New Roman,serif; margin: 6pt 0 0 14.2pt; text-align: justify; text-indent: -14.2pt"><B>d)<FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;
    </FONT><FONT STYLE="font-size: 11pt">Date of declaration of the payment of dividends and interest on own capital taken into consideration
    for identifying shareholders with the right to receive these amounts.</FONT></B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts already advanced and declared by the Board of Directors of the Company, informed in item 2 above.</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If dividends or interest on
    own capital have been declared based on profits assessed in balance sheets prepared every six months or in shorter periods:</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) State the amount of the dividends and interest on own capital already
    declared.</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>b) State the date of the respective payments.</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">Total amount of interest on own capital already declared related to the fiscal
year ended on December 31, 2022, based on profits assessed in balance sheets prepared every six months or in shorter periods:</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">Gross: R$ 11,999,808,024.92</P>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 0">Net of Withholding Income Tax (IRRF) on IOC: R$ 10,427,158,577.08</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 76%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Board of Directors&rsquo; Meeting held on December 6, 2022</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Payment date: December 29, 2022</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Total Gross Amount: R$ 11,999,808,024.92</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: justify">Total Net Amount: R$ 10,427,158,577.08</P></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">IOC (exempt from WHT)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">0.7623</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">GROSS IOC</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">0.6480</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-size: 11pt">NET IOC</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: right">Common</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P>
    <P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: right">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>


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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>7.&#9;Comparative table presenting the following values per share of each type and class:</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-size: 11pt"><B>a)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Net profit for the fiscal year and the previous three fiscal years. </B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: #E0E0E0">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 61%; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Profit per share:</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 39%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">Common (R$)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.92</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.81</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.72</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.75</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt"><B>Profit per share (net of treasury shares) </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.91</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.80</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.72</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.74</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 24pt"><FONT STYLE="font-size: 11pt"><B>b)</B></FONT></TD><TD><FONT STYLE="font-size: 11pt"><B>Dividends and interest on own capital distributed during the previous three fiscal years.</B></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 48%; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 52%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9D9D9; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">Under the corporations laws (R$)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt"><B>2021</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">Dividend per share:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">Common</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">Dividends</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.1334</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">IOC (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.4702</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">IOC (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.3996</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt"><B>2020</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">Dividend per share:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">Common</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">Dividends</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.0767</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">IOC (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.4137</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">IOC (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.3516</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt"><B>2019</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">Dividend per share:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">Common</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">Dividends</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.0000</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">IOC (gross)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.4906</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 11pt">IOC (net)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; background-color: white; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt">0.4170</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&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: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>8.&#9;Allocation of profits to the Legal Reserve:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">The Company's Legal Reserve currently in the amount of R$ 4,456,000.00, plus the amount of capital reserves set forth in Paragraph 1 of article 193 of Law No. 6404/76, exceeded 30% of the capital stock, reason why there is no requirement to allocate any portion of the income for the fiscal year ended December 31, 2022 to its composition.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>9.&#9;Fixed or minimum dividends:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>10.&#9;Mandatory dividend:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) Describe the manner of calculation as provided on the bylaws</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Pursuant to &sect;3 of article 41 of the Company&#8217;s
    bylaws, 5% of the net profit for the year will be allocated to the legal reserve, which shall not exceed 20% of the capital stock. The
    Company may refrain from constituting the legal reserve in a fiscal year when the balance of this reserve, plus the amount of capital
    reserves, exceeds 30% of the capital stock.</P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Following this allocation, and excluding the tax incentive
    reserves, 40% of the net profit will be allocated to pay mandatory dividends to all company shareholders.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>b) State whether this is being paid out in full.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 11pt">The mandatory dividend was fully paid.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>c) State any amount that may have been withheld.</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">Not applicable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>11.&#9;Withholding of the mandatory dividend:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">No mandatory dividends were withheld.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>12.&#9;Allocation of earnings to the contingencies reserve:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">There were no allocations of earnings to the contingencies reserve.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Times New Roman,serif; font-size: 11pt"><BR STYLE="clear: both">
</FONT><FONT STYLE="font-size: 11pt"><B>13.&#9;Allocation of earnings to the reserve for future profits</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">There were no allocations of earnings to the reserve for future profits.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>


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

<P STYLE="font: 12pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>14.&#9;Allocations of earnings to the statutory reserves</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) Describe the statutory clauses establishing the reserve.</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">Article 42, &sect;3, letter &#8220;c&#8221; of the Company&#8217;s
    bylaws stipulate that no more than 60% of the adjusted net profit can be set aside for constituting the Reserve for Investment, whose
    purpose is to finance the expansion of the Company&#8217;s activities and those of its subsidiary companies, including through capital
    increases or setting up new enterprises. In accordance with &sect;4 of article 42 of the Company&#8217;s bylaws, the amount allocated
    to the statutory reserve may not exceed 80% of its capital stock. Once this limit is reached, the General Meeting of Shareholders must
    resolve on the balance, either allocating it for distribution to the shareholders or to increase the Company&#8217;s capital stock.</P></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman,serif; margin: 6pt 0 0">&nbsp;</P>
<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>b) Identify the amount intended for the reserve.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #E0E0E0">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; white-space: nowrap; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt"><B>RESERVE FOR INVESTMENT</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 72%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 11pt">Proposed allocation </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 28%; border-bottom: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 11pt">R$ 3,696,641,677.77</FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>c) Describe how the amount was calculated.</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: bottom; background-color: #E6E6E6">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 11pt"><B>CALCULATION OF THE RESERVE FOR INVESTMENT (R$)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 66%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt"><B>Net profit for the year</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 34%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">14,457,942,696.43</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Reversal of the effect of revaluing fixed assets using historic cost <SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">11,823,167.53</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Effect of the application of IAS 29/CPC 42 (hyperinflation) <SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">3,224,451,000.00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">&nbsp;Tax incentives reserve </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">(2,018,618,239.04)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">&nbsp;<B>Subtotal</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">15,675,598,624.92</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Dividends distributed</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Interest on own capital distributed</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">(11,999,808,024.92)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">&nbsp;<B>Subtotal</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">3,675,790,600.00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Expired dividends</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">20,851,077.77</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt"><B>Subtotal</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">3,696,641,677.77</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt">Reserve for investments</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: -2.25pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt">(3,696,641,677.77)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 11pt"><B>Outstanding balance to be distributed</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; font-family: Times New Roman,serif; text-align: right"><FONT STYLE="font-size: 11pt"><B>-</B></FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman,serif; margin-top: 6pt; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-size: 9pt">(1)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">Refers to the portion of earnings equivalent to the 61.88% equity interest
in Companhia de Bebidas das Am&eacute;ricas - Ambev originally owned by Anheuser-Busch InBev S.A./N.V., by means of Interbrew International
B.V and of AmBrew S.A until the contribution of said equity to the capital of the Company, as disclosed in a relevant fact of the Companhia
de Bebidas das Am&eacute;ricas &ndash; Ambev published on May 10, 2013 and described under item 1.1 of the Company&rsquo;s reference form
(&ldquo;Incorporation of Shares&rdquo;). The Incorporation of Shares was recognized in the financial statements for the purposes of disclosure,
pursuant to the historic cost method described in section 2 of Exhibit A.I of this proposal, but this portion does not belong to the Company.</FONT></TD></TR><TR STYLE="vertical-align: top">
<TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
                                            </FONT></TD><TD STYLE="text-align: justify"><P STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to described in Note 1(b) to the Consolidated Financial Statements of December,
                                            2019, in July 2018, considering that the accrued inflation in the last three years in Argentina
                                            was over 100%, the application of accounting rule and disclosure in highly inflationary economy
                                            (IAS 29/CPC 42) is now required.</FONT></P></TD></TR>
                                                                                                                                                              </TABLE>




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

<P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0; text-align: justify">&nbsp;</P>

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    <TD STYLE="border: Black 1pt solid; width: 100%; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt"><B>15.&#9;Retention of profits established in the budget:</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt Times New Roman,serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 11pt">None.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Times New Roman,serif; margin: 0 0 10pt 36pt; text-indent: -36pt"><B>&nbsp;</B></P>

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    <TD STYLE="border: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of earnings to
    the reserve for tax incentives:</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>a) State the amount allocated to the reserve.</B></P>
    <P STYLE="font: 11pt Times New Roman,serif; margin: 6pt 0 0"><B>b) Explain the nature of the allocation.</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt DCCBE H+ Frutiger,sans-serif; padding-top: 6pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Times New Roman,serif; font-size: 11pt">It is proposed allocating to the Reserve for Tax Incentives a total amount of R$ 2,018,618,239.04&nbsp;&nbsp;of which (i) R$ 1,948,110,095.32 refer to state ICMS tax incentives received by several of the Company&#8217;s units; (ii) R$ 69,382,558.72 &nbsp;refer to tax incentives in the state of Sergipe pursuant to Law No. 5.382/04; and (iii) R$ 1,125,585.00 refer to Federal Income Tax Reinvestment Incentives granted by  SUDENE, pursuant to article 19 of Law No. 8167/91.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman,serif; margin: 0; text-align: center">&nbsp;</P>

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

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


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<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>ex99-3.htm
<DESCRIPTION>EXHIBIT A.III INFORMATION OF THE CANDIDATES TO THE POSITION OF MEMBER OF THE COMPANYS BOARD OF DIRECTORS
<TEXT>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><FONT STYLE="font-variant: small-caps; text-transform: uppercase"><B><U>Exhibit
A.III &ndash; information of the Candidates to the position of Member of the Company's BOARD OF DIRECTORS</U></B></FONT></P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><I>(as items 7.3 to 7.8 of Exhibit C to
CVM Resolution 80/22)</I></P>

<P STYLE="font: 11pt/13.55pt Times New Roman, Times, Serif; margin: 1.45pt 0 0 7.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/13.55pt Times New Roman, Times, Serif; margin: 1.45pt 0 0 28.35pt"><B>7.3 - In relation to each of the managers and
members of the issuer&rsquo;s fiscal council, indicate in the table below:</B></P>

<P STYLE="font: 11pt/13.55pt Times New Roman, Times, Serif; margin: 1.45pt 0 0 28.35pt"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Birth</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Management body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date elected</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term of office</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Start date of the first term of office</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 2.6pt 0 0; text-align: justify"><B>Taxpayer No. (CPF)</B></P>
    <P STYLE="font: 10pt/13.55pt Times New Roman, Times, Serif; margin: 1.45pt 0 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Profession</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position held</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Took office</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elected by controlling shareholder</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michel Dimitrios Doukeris</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 9, 1973</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 11, 2018</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">810.940.279-87</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chemical engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-chairman</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Victorio Carlos De Marchi</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 13, 1938</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 1, 1999</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">008.600.938-91</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lawyer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Co-chairman</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Milton Seligman</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 19, 1951</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 11, 2018</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">093.165.740-72</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fabio Colletti Barbosa</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 3, 1954</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">771.733.258-20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fernando Mommensohn Tennenbaum</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 7, 1977</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">245.809.418-02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production Engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lia Machado de Matos</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 21, 1977</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">071.991.147-88</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Physicist</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nelson Jos&eacute; Jamel</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 17, 1972</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2017</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">025.217.577-80</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlos Eduardo Klutzenschell Lisboa</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 9, 1969</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 1, 2018</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">694.514.864-53</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Claudia Quintella Woods</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 26, 1975</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">098.823.117-41</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economist</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcos de Barros Lisboa</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2, 1964</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 2, 2014</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">806.030.257-49</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economist</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Luciana Pires Dias</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 13, 1976</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">251.151.348-02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lawyer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ricardo Tadeu Almeida Cabral de Soares</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 23, 1976</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">430.148.771-90</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternate member</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">David Henrique Galatro de Almeida</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 22, 1976</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Board of Directors</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the 2026 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">April 28, 2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">217.625.768-56</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economist</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Alternate member</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 17, 2023 (estimated)</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; line-height: 13.55pt">&nbsp;</TD></TR>
  </TABLE>

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

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    <TD STYLE="width: 99%; border-top: Black 1pt solid; border-bottom: black 1.5pt solid; padding-right: 171.9pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Professional experience / Autonomy Criteria / Declaration of any convictions (type of conviction and description of the conviction)</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: black 1pt solid; padding-right: 214.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>Michel
Dimitrios Doukeris &ndash; 810.940.279-87</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<DIV STYLE="margin-right: 47.9pt; margin-left: 0in; padding: 0in 0in 1pt; border-bottom: Black 1.5pt solid">

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0; text-align: justify">He is a co-chairman of the Board of Directors
and CEO of Anheuser-Busch InBev SA/NV (ABI) since July 1<SUP>st</SUP>, 2021. In the past five years: (i) in 2018, he became the leader
of ABI and all North American businesses; and (ii) in 2016, he moved to the United States to take over as ABI Global Sales Director. Mr.
Michel Dimitrios Doukeris joined the Company in 1996 and held several positions related to commercial operations in Latin America before
moving to Asia where he led ABI operations in China and Pacific-Asia for seven years. He holds a degree in Chemical Engineering from <I>Universidade
Federal Santa Catarina</I> and a master&rsquo;s degree in Marketing from <I>Funda&ccedil;&atilde;o Getulio Vargas</I>. He has also completed
post-graduate programs in Marketing and Marketing Strategy from the Kellogg School of Management and Wharton Business School in the United
States. Mr. Michel Dimitrios Doukeris declared for all legal purposes that within the last five years, he has not been subject to the
effects of any criminal conviction, or any conviction or penalty in administrative proceedings before the CVM, the Central Bank of Brazil,
the Federal Insurance Commissioner and any final conviction in the judicial or administrative spheres that led to his being suspended
or barred from practicing any professional or commercial activity.</P>

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

</DIV>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 4.5pt; text-align: justify; text-indent: -4.5pt"><B>Victorio
Carlos De Marchi &ndash; 008.600.938-91</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">He is a co-chairman of the Board of
Directors and is also the chairman of the Company&rsquo;s Operations and Finance Committee, Governance Committee and People Committee.
In the past five years: (i) he is the current President of the Board of Directors and President of Funda&ccedil;&atilde;o Ant&ocirc;nio
e Helena Zerrenner &ndash; FAHZ; (ii) he is a member of the board of a private institute researching Brazilian industry and development,
(<I>Instituto de Estudos para o Desenvolvimento Industrial)</I> &ndash; IEDI; (iii) he is an alternate member of the Board of Directors
of Ita&uacute;sa &ndash; Investimentos It&aacute;u S.A.; and (iv) he is a member of the Board of the Brazilian Competition Ethics Institute
(<I>Instituto Brasileiro de &Eacute;tica Concorrencial</I>) &ndash; ETCO. Mr. Victorio Carlos De Marchi has joined <I>Companhia Antarctica
Paulista</I> in 1961 held several positions including President-Director of the Company from 1998 until April 2000. Mr. De Marchi holds
a degree in Economics from <I>Faculdade de Economia, Finan&ccedil;as e Administra&ccedil;&atilde;o de S&atilde;o Paulo</I> and a bachelor&acute;s
in Law at <I>Faculdade de Direito de S&atilde;o Bernardo do Campo</I>. Mr. Victorio Carlos De Marchi declared for all legal purposes that
within the last five years, he has not been subject to the effects of any criminal conviction, or any conviction or penalty in administrative
proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner and any final conviction in the judicial or
administrative spheres that led to his being suspended or barred from practicing any professional or commercial activity.</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify"><B>Milton Seligman &ndash; 093.165.740-72</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">He is a full member of the Company&rsquo;s
Board of Directors. In the past five years: (i) he is the current managing partner of Milton Seligman e Associados Consultoria e Participa&ccedil;&otilde;es
Ltda. and a member of BRMalls Participa&ccedil;&otilde;es S.A. Board of Directors; (ii) from 2022 until 2023, he was the President of
the Board of Directors of Instituto Sonho Grande, consulting member of Funda&ccedil;&atilde;o Lemann, member of the Board of Directors
of FAHZ, partner of INSPER Center of Management and Public Politics and global fellow of Instituto Brasil at Woodrow Wilson International
Center for Scholars in Washington D.C. Mr. Milton Seligman holds a degree in Electric Engineer from <I>Universidade Federal de Santa Maria.
</I>Mr. Milton Seligman declared for all legal purposes that within the last five years, he has not been subject to the effects of any
criminal conviction, or any conviction or penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the Federal
Insurance Commissioner and any final conviction in the judicial or administrative spheres that led to his being suspended or barred from
practicing any professional or commercial activity.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>Fabio
Colletti Barbosa &ndash; 771.733.258-20</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0.9pt; text-align: justify; text-indent: -0.9pt">He is a full
member of the Company&rsquo;s Board of Directors and also a member of the Company&rsquo;s Governance Committee. In the past five years:
(i) he is the current CEO of Natura&amp;Co Holding S.A. and member of the Board of Directors of Ita&uacute;-Unibanco, Cia. Brasileira
de Metalurgia e Minera&ccedil;&atilde;o, United Nations Foundation, do Endeavor Institute and Center of Public Leadership in Brazil; and
(ii) he was the CEO of Banco ABN Amro Real, Banco Santander S.A. (Brazil), Abril Media and Febraban. Mr. Fabio Colletti Barbosa holds
a degree in Business Administration from <I>Funda&ccedil;&atilde;o Getulio Vargas</I> and MBA from the Institute for Management Development
(Switzerland). Mr. Fabio Colletti Barbosa declared for all legal purposes that within the last five years, he has not been subject to
the effects of any criminal conviction, or any conviction or penalty in administrative proceedings before the CVM, the Central Bank of
Brazil, the Federal Insurance Commissioner and any final conviction in the judicial or administrative spheres that led to his being suspended
or barred from practicing any professional or commercial activity.</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>Fernando
Mommensohn Tennenbaum &ndash; 245.809.418-02</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">He is a full member of the Company&rsquo;s
Board of Directors and is also a member of the Company&rsquo;s Operations and Finance Committee. In the past five years: (i) since April
2020, he holds the position of CFO of ABI; (ii) he was the Vice President of Finance of South America Zone for ABI; and (iii) he was the
CFO and Investor Relations Director of Ambev. He joined the Company in 2004 and held several positions related to Treasury, Investor Relations
and M&amp;A. Mr. Fernando Mommensohn Tennenbaum is a dual citizen of Brazil and Germany and holds a degree in Industrial Engineering from
<I>Escola Polit&eacute;cnica da Universidade de S&atilde;o Paulo</I> and a corporate MBA from Ambev. Mr. Fernando Mommensohn Tennenbaum
declared for all legal purposes that within the last five years, he has not been subject to the effects of any criminal conviction, or
any conviction or penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner
and any final conviction in the judicial or administrative spheres that led to his being suspended or barred from practicing any professional
or commercial activity.</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>Lia
Machado de Matos &ndash; 071.991.147-88</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">She is a full member of the Company&rsquo;s
Board of Directors. In the past five years: (i) since 2016, she is the Chief Strategy Officer of Stone Co., (ii) between 2012 and 2016,
she was the Director of the Family Office at Varbra; (iii) between 2006 and 2012, she served in several positions at McKinsey, including
Associate Partner. Mrs. Lia Machado de Matos holds a degree in Physics from the <I>Universidade Federal do Rio de Janeiro</I> and a PhD
in Physics and Electrical Engineering from the Massachusetts Institute of Technology (USA) and is a specialist in information security.
Mrs. Lia Machado de Matos declared for all legal purposes that within the last five years, she has not been subject to the effects of
any criminal conviction, or any conviction or penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the Federal
Insurance Commissioner and any final conviction in the judicial or administrative spheres that led to her being suspended or barred from
practicing any professional or commercial activity.</P>

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<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-indent: -28.35pt"><FONT STYLE="font-size: 10pt"><B>Nelson
Jos&eacute; Jamel &ndash; </B></FONT><B><FONT STYLE="font-size: 9pt">025.217.577-80</FONT></B></P>

<P STYLE="font: 9pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">He is a full member of the Company&rsquo;s
Board of Directors and is also a member of the Company&rsquo;s People Committee. In the past five years: (i) he is the current Global
Director of People of ABI; (ii) between 2016 and 2019, he acted as Vice President for the North America Zone for ABI; initially as Vice
President of Finance and, from 2017, as Vice President of Finance and Solutions; (iii) between 2009 and 2015, he acted as Finance and
Investor Relations Director at Ambev, having joined the Company in 1997 and held several positions since. Mr. Nelson Jos&eacute; Jamel
holds a bachelor and master&rsquo;s degree in Production Engineering at <I>Universidade Federal do Rio de Janeiro</I>. Mr. Nelson Jos&eacute;
Jamel declared for all legal purposes that within the last five years, he has not been subject
to the effects of any criminal conviction, or any conviction or penalty in administrative proceedings before the CVM, the Central Bank
of Brazil, the Federal Insurance Commissioner and any final conviction in the judicial or administrative spheres that led to his being
suspended or barred from practicing any professional or commercial activity.</P>


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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>Carlos
Eduardo Klutzenschell Lisboa &ndash; 694.514.864-53</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">He is currently an alternate member
of the Company&rsquo;s Board of Directors. In the past five years: (i) he is the current President of Middle Americas Zone at ABI; (ii)
from 2016 until 2018, he was the President of South Latin America Zone at Ambev; (iii) from 2014 until 2016, he held the position of Global
Vice President of ABI Global Brands; (iv) from 2013 until 2014, he was the President of Labatt, a subsidiary of Ambev; (v) from 2011 until
2012 he held the position of President of BU Austral at South Latin America Zone; and (v) from 2005 until 2011, he was Ambev&rsquo;s Marketing
Vice President, having joined the Company in 1993 and held several positions since. Mr. Carlos Eduardo Klutzenschell Lisboa declared for
all legal purposes that within the last five years, he has not been subject to the effects of any criminal conviction, or any conviction
or penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner and any final
conviction in the judicial or administrative spheres that led to his being suspended or barred from practicing any professional or commercial
activity.</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>Claudia
Quintella Woods &ndash; 098.823.117-41</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">She is a full and an independent member
of the Company&rsquo;s Board of Directors and is also an independent member of the Company&rsquo;s People Committee. In the past five
years: (i) since June 2021, she holds the position of CEO for Latin America at We Work; (ii) from 2019 to May 2021, she held the position
of General Manager at Uber for Brazil; (iii) between 2018 and 2019, she was the CEO of Webmotors (a leading marketplace in the national
vehicle market); and (iv) between 2014 and 2018, she was the Director and Superintendent of Banco Original. She holds a bachelor&rsquo;s
degree from Bowdoin College (USA), an MBA from COPPEAD/<I>Universidade Federal do Rio de Janeiro</I> and a degree from Harvard Business
School (USA). The autonomy criteria for defining Mrs. Claudia Quintella Woods as an independent member of the Board of Directors follows
the provisions of the Company&rsquo;s Bylaws and CVM Res. 80/22. Mrs. Claudia Quintella Woods declared for all legal purposes that within
the last five years, she has not been subject to the effects of any criminal conviction, or any conviction or penalty in administrative
proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner and any final conviction in the judicial or
administrative spheres that led to her being suspended or barred from practicing any professional or commercial activity.</P>

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<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>Marcos
de Barros Lisboa &ndash; 806.030.257-49</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">He is a full and an independent member
of the Company&rsquo;s Board of Directors and also a member of the Company&rsquo;s Governance Committee. In the past five years: (i) he
has been an Executive Officer of Unibanco S.A., and as Vice-President for Insurance, Controls and Operational Support of Ita&uacute; Unibanco
S.A. both companies whose business is predominantly in the financial sector; (ii) he currently is a member of the Board of Directors of
Cerradinho Bioenergia S.A., CERC &ndash; Central de Receb&iacute;veis S.A. and Meliuz; (iii) from 2005 until 2006, he was the President
of Instituto Brasil Resseguros S.A.; and (iv) from 2003 until 2005, was the Economic Policy Secretary at the Ministry of Finance. Mr.
Lisboa holds a master&rsquo;s degree in Economics from the <I>Universidade Federal do Rio de Janeiro</I> and a Ph.D. in Economics from
the University of Pennsylvania and since the late 1980s, he has been a member of the faculty of several educational institutions in Brazil
and internationally. The autonomy criteria for defining Mr. Marcos de Barros Lisboa as an independent member of the Board of Directors
follows the provisions of the Company&rsquo;s Bylaws and CVM Res. 80/22. He was elected by the Company&rsquo;s Board of Directors as leader
among the independent directors. Mr. Marcos de Barros Lisboa declared for all legal purposes that within the last five years, he has not
been subject to the effects of any criminal conviction, or any conviction or penalty in administrative proceedings before the CVM, the
Central Bank of Brazil, the Federal Insurance Commissioner and any final conviction in the judicial or administrative spheres that led
to him being suspended or barred from practicing any professional or commercial activity.</P>


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<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; border-bottom: Black 1.5pt solid">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify; text-indent: -28.35pt"><B>Luciana
Pires Dias &ndash; 251.151.348-02</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">Luciana Pires Dias is a Professor
at Escola de Direito Funda&ccedil;&atilde;o Get&uacute;lioVaragas (since 2008) and partner at L|Dias Advogados where she acts as a reviewer
and arbitrator on matters related to the regulation of capital markets since 2016. In the past five years: (i) since August 2020, she
is a member of the Audit Committee of Ita&uacute; Unibanco Holding S.A.; (ii) she was director of the Comiss&atilde;o de Valores Mobili&aacute;rios
&ndash; CVM from 2019 until 2015 and Superintendent of Market Development of CVM from 2007 until 2010; (iii) from 2011 until 2015, she
was a CVM representative at the Corporate Governance Committee of the Organization for the OECD and at the Latin American Corporate Governance
Roundtable organized by OECD from 2009 until 2015. Mrs. Luciana Pires Dias has a doctor and master&rsquo;s degree in Commercial Law from
<I>Faculdade de Direito da Universidade de S&atilde;o Paulo &ndash; USP</I>. She is a master of the Science of Law at Stanford University
(J.S.M, 2005) and has a bachelor&rsquo;s in law at USP. She is admitted to practice law by OAB of Brazil (2000) and New York Bar Association
(2005). The autonomy criteria for defining Mrs. Luciana Pires Dias as an independent member of the Board of Directors follows the provisions
of the Company&rsquo;s Bylaws and CVM Res. 80/22. Mrs. Luciana Pires Dias declared for all legal purposes that within the last five years,
she has not been subject to the effects of any criminal conviction, or any conviction or penalty in administrative proceedings before
the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner and any final conviction in the judicial or administrative spheres
that led to her being suspended or barred from practicing any professional or commercial activity.</P>

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<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Ricardo Tadeu Almeida Cabral de Soares&ndash;
430.148.771-90</B></P>

<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">He holds the position of Chief Growth
Officer at ABI, since April 2022. In the past five years, he served as (i) Chief B2B Officer assisting in the dissemination of BEES for
the period from 2020 to 2022, (ii) Chief Sales Officer from 2019 to 2020, and (iii) was the President of the Africa Zone for the period
from 2016 to 2018. Prior to that, he served as President of Mexico Zone, from 2013 to 2018, and President of BU Brazil, from 2008 to 2012.
Mr. Ricardo Tadeu Almeida Cabral de Soares declared for all legal purposes that within the last five years, he has not been subject to
the effects of any criminal conviction, or any conviction or penalty in administrative proceedings before the CVM, the Central Bank of
Brazil, the Federal Insurance Commissioner and any final conviction in the judicial or administrative spheres that led to his being suspended
or barred from practicing any professional or commercial activity.</P>

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<P STYLE="font: 10pt/110% Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>David Henrique Galatro de Almeida &ndash;
217.625.768-56</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify">He holds the position of Chief Strategy
and Technology Officer at ABI, since April 2022. In the past five years, he served as (i) Chief Strategy and Transformation Officer, (ii)
Chief Integration Officer and Chief Sales Officer <I>ad interim</I>, and (iii) Vice President of Sales and Vice President of Finance for
the North America Zone. Mr. David Henrique Galatro de Almeida declared for all legal purposes that within the last five years, he has
not been subject to the effects of any criminal conviction, or any conviction or penalty in administrative proceedings before the CVM,
the Central Bank of Brazil, the Federal Insurance Commissioner and any final conviction in the judicial or administrative spheres that
led to his being suspended or barred from practicing any professional or commercial activity.</P>

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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 28.35pt; text-align: justify"><B>7.4. Provide the information
mentioned in item 7.3 in relation to the members of the statutory committees, as well as the audit, risk, financial and compensation committees,
even if such committees are not statutory</B></P>

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 47.9pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date of Birth</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Management body</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Date elected</B></FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Term of office</B></FONT></TD>
    <TD STYLE="width: 165px; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Start date of the first term of office</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Taxpayer No. (CPF)</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Profession</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Position held</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Took office</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Elected by controlling shareholder</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Victorio Carlos De Marchi</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 13, 1938</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - Operations and Finance Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 31, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">008.600.938-91</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fernando Mommensohn Tennenbaum</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">January 7, 1977</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - Operations and Finance Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 25, 2020</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 24, 2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">245.809.418-02</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member of the committee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 25, 2020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Victorio Carlos De Marchi</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 13, 1938</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - People Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">008.600.938-91</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nelson Jos&eacute; Jamel</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 17, 1972</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - People Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">025.217.577-80</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member of the committee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Claudia Quintella Woods</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 26, 1975</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - People Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">098.823.117-41</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economist</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member of the committee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 14, 2022</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Victorio Carlos De Marchi</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">November 13, 1938</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - Governance Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">July 31, 2013</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">008.600.938-91</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fabio Colletti Barbosa</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">October 3, 1954</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - Governance Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2021</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2021</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">771.733.258-20</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Manager</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member of the committee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 18, 2021</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Marcos de Barros Lisboa</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">August 2, 1964</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - Governance Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">September 19, 2018</FONT></TD></TR>
    <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">806.030.257-49</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economist</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member of the committee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="width: 165px; border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Everardo de Almeida Maciel</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">February 13, 1947</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - Governance Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 11, 2016</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">018.711.614-87</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax Advisor</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member of the committee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Carlos Emmanuel Joppert Ragazzo</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">March 20, 1977</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other - Governance Committee</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until the MBD subsequent to the 2023 AGM</FONT></TD>
    <TD STYLE="padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 19, 2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">011.787.237-71</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attorney</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Full member of the committee</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">May 13, 2020</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 1.45pt; text-align: justify; line-height: 13.55pt">&nbsp;</TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD STYLE="width: 100%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; padding-bottom: 4pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Professional experience/ Autonomy Criteria / Declaration of any convictions (type of conviction and description of the conviction)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt"><B>Victorio Carlos De Marchi &ndash; 008.600.938-91</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt">See summary of professional experience and declaration in item 7.3
    of the Company&rsquo;s Reference Form.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt"><B>Fernando Mommensohn Tennenbaum &ndash; 245.809.418-02</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt">See summary of professional experience and declaration in item 7.3
    of the Company&rsquo;s Reference Form.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt"><B>Nelson Jos&eacute; Jamel &ndash; 025.217.577-80</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt">See summary of professional experience and declaration in item 7.3
    of the Company&rsquo;s Reference Form.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt"><B>Claudia Quintella Woods &ndash; 098.823.117-41</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt">See summary of professional experience and declaration in item 7.3
    of the Company&rsquo;s Reference Form.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt"><B>Fabio Colletti Barbosa &ndash; 771.733.258-20</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt">See summary of professional experience and declaration in item 7.3
    of the Company&rsquo;s Reference Form.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt"><B>Marcos de Barros Lisboa &ndash; 806.030.257-49</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt">See summary of professional experience and declaration in item 7.3
    of the Company&rsquo;s Reference Form.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt"><B>Everardo de Almeida Maciel &ndash; 018.711.614-87</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt; text-align: justify">He is a member of the Company&rsquo;s Governance
    Committee since 2016. In the past five years, he has been a tax advisor, and as of 2003, he is the president-partner of Logos Consultoria
    Fiscal Ltda., consulting firm in the tax area. Currently, he is (i) a member of the International Academy of Law and Economics; (ii) member
    of the National Academy of Economics; (iii) member of the Superior Council of Law of FECOMERCIO-SP; (iv) member of the Council of High
    Studies on Finance and Taxation and of the Political and Social Board, both from S&atilde;o Paulo Trade Association; (v) member of the
    Board of Directors of Funda&ccedil;&atilde;o Zerrenner, whose core business is providing free health care and education; (vi) member of
    the Fiscal Council of Instituto Fernando Henrique Cardoso; (vii) member of the Advisory Board of the Department of Judicial Researches
    of the National Council of Justice (CNJ); (viii) member of the Panel of Judges of Innovare Award; and (ix) president of the Advisory Board
    of the Brazilian Competition Ethics Institute (ETCO). In addition, teaches in graduation courses at Instituto Brasiliense de Direito P&uacute;blico
    (IDP), in Bras&iacute;lia. He held several public offices, the most recent being: Secretary of the Federal Revenue Office (1995-2002),
    Secretary of Finance and Planning of the Federal District (1991-1994), Executive Secretary of the Ministries of Finance (2002), of the
    Interior (1987) and of Education (1985), and President&rsquo;s Chief of Staff (1986). Mr. Everardo de Almeida Maciel declared for all
    legal purposes that within the last five years, he has not been subject to the effects of any criminal conviction, or any conviction or
    penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner and any final conviction
    in the judicial or administrative spheres that led to his being suspended or barred from practicing any professional or commercial activity.</P></TD></TR>
  </TABLE>

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

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    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 16.2pt 0 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 16.2pt 0 0; text-align: justify"><B>Carlos Emmanuel Joppert Ragazzo -
    011.787.237-71</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 16.2pt 0 0; text-align: justify">He is a member of the Company&rsquo;s
    Governance Committee since 2019. In the past five years, he has been an attorney expert in antitrust and regulation, being a partner at
    Ragazzo Advogados, since 2016. He was the first General Superintendent of the Administrative Council for Economic Defense - CADE (from
    2012 to 2014) and Director of that same agency from 2008 to 2012. Formerly, he held for almost six years the position of General Coordinator
    of the Economic Supervision Office - SEAE, of the Ministry of Finance. Currently, he is an assistant professor of the graduation and post-graduation
    courses <I>strictu sensu </I>of the Law School of Funda&ccedil;&atilde;o Get&uacute;lio Vargas of Rio de Janeiro - FGV DIREITO RIO. Mr.
    Carlos Emmanuel Joppert Ragazzo declared for all legal purposes that within the last five years, he has not been subject to the effects
    of any criminal conviction, or any conviction or penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the
    Federal Insurance Commissioner and any final conviction in the judicial or administrative spheres that led to his being suspended or barred
    from practicing any professional or commercial activity.</P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 4pt">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 4pt 0 0">&nbsp;</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>7.5 - Inform the existence of any marital,
'stable union' or kinship relationship up to the 2nd degree between: a. members of issuer&rsquo;s management; b. (i) members of issuer&rsquo;s
management and (ii) issuer&rsquo;s members of direct or indirect subsidiaries&rsquo; management; c. (i) members of issuer&rsquo;s management
or its directly or indirectly held subsidiaries and (ii) issuer&rsquo;s direct or indirect controlling shareholders; d. (i) members of
issuer&rsquo;s management and (ii) issuer&rsquo;s members of direct and indirect parent companies&rsquo; management</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>a)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Members of Company's Management:</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no cases of
marital, 'stable union' or kinship relations to the second degree among those nominated for positions as members of the Company&rsquo;s
Board of Directors.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Members
of Company's Management and of its directly or indirectly held subsidiaries:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no cases of
marital, 'stable union' or kinship relations to the second degree among those nominated for positions as members of the Company&rsquo;s
Board of Directors and managers of the Company's directly or indirectly held subsidiaries.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Members of Company's Management or of its directly or indirectly held subsidiaries and its direct or indirect controlling shareholders:</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no cases of
marital, 'stable union' or kinship relations to the second degree among those nominated for positions as members of the Company&rsquo;s
Board of Directors and the Company's direct or indirect controlling shareholders.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>d)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Members of Company's Management and of its direct and indirect parent companies:</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no cases of
marital, 'stable union' or kinship relations to the second degree among those nominated for positions as members of the Company&rsquo;s
Board of Directors and the management of the Company's direct and indirect parent companies.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>7.6 - Inform about relationships of subordination,
provision of services or control maintained, in the last 3 fiscal years, between the issuer&rsquo;s management and a. company directly
or indirectly controlled by the issuer, except those in which the issuer directly or indirectly holds an interest equal to or greater
than ninety-nine percent (99%) of the share capital; b. issuer&rsquo;s direct or indirect controlling shareholder; and c. if relevant,
supplier, client, debtor or creditor of the issuer, its subsidiary or parent companies, or subsidiaries of any of these persons</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>a)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> company directly or indirectly controlled by the Company, except those in which the Company directly or indirectly holds an interest
equal to or greater than ninety-nine percent (99%) of the share capital:</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no relations
of subordination, provision of services or control maintained between those nominated for the positions as member of the Company&rsquo;s
Board of Directors and those of any company directly or indirectly controlled by the Company, except those in which the Company directly
or indirectly holds an interest equal to or greater than ninety-nine percent (99%) of the share capital, in the last three fiscal years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>b)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>Company&rsquo;s direct or indirect controlling shareholder:</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">Not applicable, since there are no relations
of subordination between the Company&rsquo;s direct or indirect controlling shareholder and those nominated for the positions as member
of the Company&rsquo;s Board of Directors, company directly or indirectly controlled by the Company, in the last three fiscal years.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in"><B>c)<FONT STYLE="font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT>if material, supplier, client, debtor or creditor of the Company, its subsidiaries or parent companies, or subsidiaries of any
of these persons:</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Not applicable, since there are no relevant
relationships between any supplier, client, debtor or creditor with the Company, its subsidiaries or parent companies, or subsidiaries
of any of these persons, in the last three fiscal years.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>7.7 - Describe the provisions of any agreements,
including insurance policies, that provide for the payment or reimbursement of expenses incurred by the management members, resulting
from the repair of damages caused to third parties or to the issuer, penalties imposed by state agents, or of agreements with the purpose
of terminating administrative or judicial proceedings, by virtue of the exercise of their functions</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s Bylaws have a provision
in Article 46, transcribed below, regulating the defense procedures of the management members and employees serving terms for matters
arising from the exercise of their functions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">&ldquo;<I>Article 46 - The Company will ensure
that the members of the board of directors, the executive board and the fiscal council or the members of any corporate bodies with technical
functions destined to advise the management members are defended in judicial and administrative proceedings brought by third parties,
during or after their respective terms of office, for acts performed in the exercise of their functions, including through a permanent
insurance agreement, in order to protect them from liability for acts arising from the exercise of their position or function, with the
payment of court expenses, attorneys&rsquo; fees, indemnities and any other amounts resulting from said proceedings.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>&sect;1 - The guarantee provided for in
the head provision of this article extends to employees who regularly act serving the terms granted by the Company or companies controlled
by it.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><I>&sect;2 - If any of the persons mentioned
in the head provision or in &sect; 1 are convicted, by final and non-appealable court decision, due to negligence or intent, they must
reimburse the Company for all costs and expenses with legal assistance, under the terms of the law</I>.&rdquo;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Said article was approved at the Company&rsquo;s
shareholders&rsquo; meeting held on March 1, 2013. In addition, the Bylaws of the former Companhia de Bebidas das Am&eacute;ricas, merged
with and into the Company, already contained a similar provision, as approved at the general meeting held on April 28, 2010, with shareholders
present representing 94.5520% of the voting share capital.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">On the date hereof, the Company has an insurance
policy with Zurich Minas Brasil Seguros S.A. applicable to its management members and management members of companies controlled by it,
with a premium amount of approximately US$ 68 thousand and a maximum guarantee limit of US$ 15 million, having coverage under usual market
conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Thereby, the Company will ensure that the members
of the management, members of the Fiscal Council or certain employees are defended in judicial and administrative proceedings brought
by third parties, during or after their respective terms of office, for acts performed in the exercise of their functions, with the payment
of attorneys&rsquo; fees, expenses, indemnities and any other amounts related to said proceedings, except in cases of negligence or intent
of said persons. The policy does not include coverage of any fines or other civil and administrative penalties imposed on such persons,
which are imposed by state or self-managed bodies that regulates and inspects the activities of the Company and its subsidiaries.</P>


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">Additionally, Anheuser-Busch InBev SA/NV, the
Company&rsquo;s indirect parent company, has an insurance policy with a pool of insurers that provides for the payment or reimbursement
of expenses incurred by its management members and by the management members of companies controlled by it, directly or indirectly, resulting
from repairing damage caused to third parties or to the Company, with a maximum guarantee limit calculated through comparisons with other
companies with a similar risk profile, having coverage under usual market conditions.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>7.8 - Provide other information that the
issuer deems relevant</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt"><B>Meetings of the Company held in the last three years:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 31%; border: Black 1pt solid; padding-top: 1.4pt; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Type</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Held on</B></FONT></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.7pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Quorum to Open the Meeting <SUP>(1)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 4.25pt; padding-left: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Special and Annual General Meeting</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">04/29/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In AGM, Shareholders representing 91.18% of the Company&rsquo;s voting share capital. In SGM, Shareholders representing 91.25% of the Company&rsquo;s voting share capital.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 4.25pt; padding-left: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Special and Annual General Meeting</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">04/29/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In AGM, Shareholders representing 90.27% of the Company&rsquo;s voting share capital. In SGM, Shareholders representing 90.33% of the Company&rsquo;s voting share capital.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 1.4pt; padding-right: 4.25pt; padding-left: 4.25pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">Special and Annual General Meeting</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 1.4pt; padding-right: 4.25pt; padding-left: 4.25pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">04/24/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 7.7pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif">In AGM, Shareholders representing 88.34% of the Company&rsquo;s voting share capital. In SGM, Shareholders representing 89.28% of the Company&rsquo;s voting share capital.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 73.95pt 0 28.35pt; text-align: justify"><SUP>(1)</SUP> In the last three
years, no meeting was installed on second call.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 73.95pt 0 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>Additional clarification on corporate governance practices</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt"><I>Best Corporate Governance Practices According to the IBGC</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Code of Best Corporate Governance Practices,
published by the Brazilian Institute of Corporate Governance &ndash; IBGC, aims to make the Brazilian organizational and institutional
environment more solid, fair, accountable and transparent, establishing recommendations for the creation of better corporate governance
systems in organizations, aiming to optimize the organization&rsquo;s value, facilitating its access to resources and contributing to
its good performance and longevity.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 2.2pt 0 0; text-align: justify">The Company is committed to the best corporate
governance practices, having adhered to practices recommended by the IBGC, such as: prohibiting the use of insider information and the
existence of a policy for disclosing relevant information; electing directors with experience in operational, financial and other matters,
in addition to experience in participating in other boards of directors; maintaining a reporting channel for the presentation of complaints
or resolution of ethical dilemmas; and statutory provision for the installation of a Fiscal Council.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 73.95pt 0 28.35pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 14.2pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt 14.2pt; text-align: center">***</P>


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<TYPE>EX-99.4
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<FILENAME>ex99-4.htm
<DESCRIPTION>EXHIBIT A.IV INFORMATION OF THE CANDIDATES TO THE POSITION OF MEMBER OF THE COMPANYS FISCAL COUNCIL
<TEXT>
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     <TITLE></TITLE>
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<P STYLE="font: bold 12pt Times New Roman,serif; margin: 0; text-align: center"><FONT STYLE="font-variant: small-caps"><U>Exhibit A.IV
&ndash; Information of the Candidates to the position of Member of the Company's Fiscal Council</U></FONT></P>

<P STYLE="font: 10pt/115% Times New Roman,serif; margin: 0 0 10pt; text-align: center"><I>(as items 7.3 to 7.8 of Exhibit C to CVM Resolution
80/22)</I></P>

<P STYLE="font: 10pt/13.55pt Times New Roman,serif; margin: 1.45pt 0 0"><B>7.3 - In relation to each of the managers and members of the
issuer&rsquo;s fiscal council, indicate in the table below: </B></P>

<P STYLE="font: 10pt/10pt Times New Roman,serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border: Black 1pt solid; width: 20%; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Name</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Date of Birth</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Management body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Date elected</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Term of office</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Start date of the first term of office</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt Times New Roman,serif; margin: 2.6pt 0 0; text-align: justify"><B>Taxpayer No. (CPF)</B></P>
    <P STYLE="font: 10pt/10pt Times New Roman,serif; margin: 0.2pt 0 0; text-align: justify">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Profession</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Position held</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Took office</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt"><B>Elected by controlling shareholder</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Jos&eacute; Ronaldo Vilela Rezende</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">June 7, 1962</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">04/28/2023</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Until the 2024 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">04/29/2016</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">501.889.846-15</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Accountant</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council (effective member) / elected by the controlling shareholder</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 2.05pt 0 0; text-align: justify">05/03/2023</P>
    <P STYLE="font: 10pt/10pt Times New Roman,serif; margin: 0.2pt 0 0; text-align: justify">(estimated)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-left: 0.65pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Elidie Palma Bifano</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">May 16,1947</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="padding-top: 2.05pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 9pt"><FONT STYLE="font-size: 10pt">04/28/2023</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Until the 2024 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">04/29/2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">395.907.558-87</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Lawyer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council (effective member) / elected by the controlling shareholder</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 2.05pt 0 0; text-align: justify">05/03/2023</P>
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 2.05pt 0 0; text-align: justify">(estimated)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Emanuel Sotelino Schifferle</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">February 27, 1940</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 9pt"><FONT STYLE="font-size: 10pt">04/28/2023</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Until the 2024 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">04/12/2005</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">009.251.367-00</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council (alternate member) / elected by the controlling shareholder </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 2.05pt 0 0">05/03/2023</P>
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 0; text-align: justify">(estimated)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Eduardo Rogatto Luque</FONT></TD>
    <TD STYLE="padding-top: 2pt; padding-left: 0.65pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt">July 6, 1969&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 9pt"><FONT STYLE="font-size: 10pt">04/28/2023</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Until the 2024 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">04/24/2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">142.773.658-84</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Accountant</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council (alternate member) / elected by the controlling shareholder</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 2.05pt 0 0">05/03/2023</P>
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 0; text-align: justify">(estimated)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Fabio de Oliveira Moser</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">December 26, 1976</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 9pt"><FONT STYLE="font-size: 10pt">04/28/2023</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Until the 2024 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">04/24/2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">777.109.677-87</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Administrator</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council (effective member) / elected by the minority shareholders</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 0; text-align: justify">05/03/2023</P>
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 0; text-align: justify">(estimated)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">Nilson Martiniano Moreira</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">July 26, 1968</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council</FONT></TD>
    <TD STYLE="padding-top: 2.05pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 9pt"><FONT STYLE="font-size: 10pt">04/28/2023</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Until the 2024 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">04/24/2020</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.6pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 10pt">583.491.386-53</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Economist</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">Fiscal Council (alternate member) / elected by the minority shareholders</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 0; text-align: justify">05/03/2023</P>
    <P STYLE="font: 10pt/9pt Times New Roman,serif; margin: 2.05pt 0 0; text-align: justify">(estimated)</P></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt"><FONT STYLE="font-size: 10pt">No</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; font-family: Times New Roman,serif; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/10pt Times New Roman,serif; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="vertical-align: top; background-color: gainsboro">
    <TD STYLE="border-top: Black 1pt solid; width: 98%; border-bottom: Black 1pt solid; font-family: Times New Roman,serif"><FONT STYLE="font-size: 10pt"><B>Professional experience / Autonomy Criteria / Declaration of any convictions (type of conviction and description of the conviction)</B></FONT></TD>
    <TD STYLE="width: 2%; font-family: Times New Roman,serif">&nbsp;</TD></TR>
  </TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 16.2pt 1pt -2cm"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify"><B>Jos&eacute; Ronaldo Vilela Rezende &ndash; 501.889.846-15</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">Mr. Rezende holds the position of effective member
of the Company&rsquo;s Fiscal Council. Over the past five years, he held the following positions during the indicated periods at the following
companies/institutions: (i) member of the audit committee of Cerradinho Bioenergia S.A.; and (ii) member of the audit committee of Diagn&oacute;sticos
da America S.A. &ndash; DASA. In addition, he acted as risk management partner of the consulting practice at PricewaterhouseCoopers Brazil
from 2005 to 2011, which main activities are auditing services; leader of the Agribusiness Industry at PricewaterhouseCoopers in Brazil
(2006 to 2014) and the Americas (2009 to 2014); and PricewaterhouseCoopers the partner in charge of delivering Risk Assurance Services
(RAS) at PricewaterhouseCoopers (relating to auditing processes and systems) since 1998. Mr. Rezende is a certified fiscal council member
by the Brazilian Institute of Governance (IBGC). Currently, he holds the position of Chairman of the Company&rsquo;s Fiscal Council. Mr.
Jos&eacute; Ronaldo Vilela Rezende has declared that, for all legal
purposes, he has not in the last five years been subject to the effects of any criminal conviction, any conviction or penalty arising
from administrative proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner and any final verdict in
the judicial or administrative sphere, that led to suspension or disqualification from the practice of any professional or commercial
activity.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Elidie Palma Bifano - 395.907.558 - 87</B></P>

<P STYLE="font: 12pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">&nbsp;</P>

<DIV STYLE="border-bottom: Black 1.5pt solid; padding: 0cm 0cm 1pt; margin-right: 16.2pt">

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Mrs. Bifano holds the position of effective member of the
Company&rsquo;s Fiscal Council. Over the past five years, she held the following positions with the following companies: (i) partner at
Mariz de Oliveira and Siqueira Campos Law Firm; (ii) Professor of the Professional Master's Course at the S&atilde;o Paulo Law School
of Funda&ccedil;&atilde;o Get&uacute;lio Vargas - FGV, in the course Business Structuring; (iii) Professor of the post-graduation courses
<I>strictu sensu </I>of IBDT, IBET, CEU, COGEAE/ PUC; and (iv) effective member of the Company&rsquo;s Fiscal Council. In addition, she
was member of Banco Santander (Brasil) S.A.&rsquo;s Audit Committee from 2012 to 2018 and audit partner of the tax consultancy area at
PricewaterhouseCoopers from 1974 to 2012. Mrs. Elidie Palma Bifano has declared that, for all legal purposes, she has not in the last
five years been subject to the effects of any criminal conviction, any conviction or penalty in administrative proceedings before the
CVM, the Central Bank of Brazil, the Federal Insurance Commissioner and any final verdict in the judicial or administrative sphere that
led to suspension or disqualification from the practice of any professional or commercial activity.</P>

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

</DIV>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify"><B>Emanuel Sotelino Schifferle - 009.251.367-00</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">Mr. Schifferle holds the position of alternate
member of the Company&rsquo;s Fiscal Council. Over the past five years, he acted as managing partner of ASPA Assessoria e Participa&ccedil;&otilde;es
S/C Ltda., a company whose main activity is advising companies on restructuring, acquisition, negotiating contracts and transitional management,
having managed companies under judicial recovery, reorganizing and restructuring companies, and renegotiating contracts among other activities.
In addition, Mr. Schifferle acted as member of the Fiscal Council of Am&eacute;rica Latina Log&iacute;stica (ALL), between 2004 and 2009,
a listed company whose main activity is providing rail and road transportation services; alternate member, from 2005 to 2014, of the Fiscal
Council of Companhia de Bebidas das Am&eacute;ricas - Ambev, succeeded by the Company as of January 2, 2014, as described in item 1.1
of its Reference Form; member of the Board of Directors, between 2007 and 2011, of S&atilde;o Carlos Empreendimentos e Participa&ccedil;&otilde;es
S.A., a listed company whose main activity is managing property development projects for itself and third parties; member of the Fiscal
Council of Est&aacute;cio Participa&ccedil;&otilde;es S.A., a publicly held company whose main activities are the development and management
of activity and institution in the education area; and member of the Fiscal Council, between 2011 and 2015, of Allis Participa&ccedil;&otilde;es
S.A., a publicly listed company whose main business is providing marketing and sales services for various segments. Mr. Emanuel Sotelino
Schifferle has declared, for all legal purposes, that in the last five years he has not been subject to the effects of any criminal conviction,
any conviction or penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner
and any final verdict in the judicial or administrative sphere that led to suspension or disqualification from the practice of any professional
or commercial activity.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>Eduardo Rogatto Luque - 142.773.658-84</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">Mr. Luque holds the position of alternate member
of the Company&rsquo;s Fiscal Council. In the past 5 years, he has held the following positions in the
following companies/institutions: (i) managing partner and member of the Executive Committee of the Irko Group since 2017; (ii) member
of the Audit Committee of Focus Energia S.A.; (iii) president of the Fiscal Council of Qualicorp S.A., Natura&amp;Co and Funda&ccedil;&atilde;o
Antonio e Helena Zerrenner (FAHZ); (iv) member of the Fiscal Council of Ita&uacute; S.A.; (v) member of the Board of Directors and president
of the Audit Committee of Cantu Store; (vi) member of the Audit Committee of Porto Seguro S.A.; (vii) Vice-President of ABRAPSA - Brazilian
Association of Administrative Service Providers; (viii) member of the Institute of Independent Auditors of Brazil (IBRACON), American
Institute of Certified Public Accountants (AICPA), Institute of Independent Auditors of Brazil (IBRACON), Brazilian Accounting Institutes
(CRC and CFC); (ix) partner at PricewaterhouseCoopers from 2004 to 2016, a company he worked for 27 years with major experience serving
important companies including in process of Initial Public Offerings (IPO) at CVM and SEC. Mr. Eduardo
Rogatto Luque has declared, for all legal purposes, that in the last 5 years he has not been subject to the effects of any criminal conviction,
any conviction or penalty in an administrative proceeding before the CVM, the
Central Bank of Brazil, the Federal Insurance Commissioner and any final verdict in the judicial or administrative
sphere that led to suspension or disqualification from the practice of any professional or commercial activity.</P>


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify"><B>Fabio de Oliveira Moser - 777.109.677-87</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">Mr. Moser holds the position of partner at Moser
Consultoria. In the past 5 years, he has held the following positions in the following companies/institutions: (i) director and senior
adviser at RK Partners from 2015 to 2018; (ii) CEO of Fator Administra&ccedil;&atilde;o de Recurso (FAR) from 2013 to 2015; (iii) head
of investment banking at Banco Fator from 2011 to 2013; (iv) member of the Board of Directors of Oi S.A., Telemar Participa&ccedil;&otilde;es,
Centrais El&eacute;tricas de Santa Catarina (CELESC), iG &ndash; Internet Group e Brasil Telecom Participa&ccedil;&otilde;es; e (v) coordinator
of the Institutional Investors Commission (IBGC) from 2010 to 2012 and Technical Commission of Investments of ABRAPP from 2008 to 2010.
Mr. Moser was elected by the minority shareholders. <FONT STYLE="color: windowtext">Mr. Eduardo Rogatto Luque has declared, for all legal
purposes, that in the last 5 years he has not been subject to the effects of any criminal conviction, any conviction or penalty in an
administrative proceeding before </FONT>the Central Bank of Brazil, the Federal Insurance Commissioner and <FONT STYLE="color: windowtext">any
final verdict in the judicial or administrative sphere that led to suspension or disqualification from the practice of any professional
or commercial activity</FONT>. In 2020, CVM applied to Mr. Moser &ndash; as member of Inncorp S.A. Board of Directors &ndash; a pecuniary
fine for non-compliance with article 142, IV and article 132 of Law No. 6,404/76.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify"><B>Nilson Martiniano Moreira - 583.491.386-53</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 16.2pt 0 0; text-align: justify">Mr. Moreira holds the position of member of Ultrapar
Fiscal Council. In the past 5 years, he has held the following positions in the following companies/institutions: (i) risks, compliance
and legal director at Caetano Gest&atilde;o de Contas e Pagamentos in 2021; (ii) many different officers at Banco do Brasil from 2006
and 2018, the last one being supply, infrastructure and assets director; (iii) member of the Audit Committee of Banco Votorantim from
2020 to 2021; (iv) member of the Audit Committee of BrasilSeg from 2019 and 2020; (v) member of the Audit Committee of BrsilCap from 2018
and 2020; and (vi) member of the Fiscal Council of Elopar from 2018 and 2019. Mr. Moreira was elected by the minority shareholders. Mr.
Moreira has declared, for all legal purposes, that he has not in the last five years been subject to the effects of any criminal conviction,
any conviction or penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner
and any final verdict in the judicial or administrative sphere that led to suspension or disqualification from the practice of any professional
or commercial activity.</P>

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<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 0 0; text-align: justify"><B>7.4 - Provide information mentioned in item 7.3
in relation to members of the statutory committees and of the audit, risk, financial and compensation committees, even if such committees
or structures are not statutory.</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable. None of the members designated for the Fiscal
Council are part of any of the Company's committees.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0.6pt 0 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>7.5 - Inform the existence of any marital, 'stable union'
or kinship relationship up to the 2nd degree between: a. members of issuer&rsquo;s management; b. (i) members of issuer&rsquo;s management
and (ii) issuer&rsquo;s members of direct or indirect subsidiaries&rsquo; management; c. (i) members of issuer&rsquo;s management or its
directly or indirectly held subsidiaries and (ii) issuer&rsquo;s direct or indirect controlling shareholders; d. (i) members of issuer&rsquo;s
management and (ii) issuer&rsquo;s members of direct and indirect parent companies&rsquo; management</B></P>

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

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 10pt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Members of Company's Management:</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable, since there are no cases of marital, 'stable
union' or kinship relations to the second degree among those nominated for positions as members of the Company&rsquo;s Fiscal Council
and its management.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;members of
Company's management and of its directly or indirectly held subsidiaries:</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable, since there are no cases of marital, 'stable
union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and managers of
the Company's directly or indirectly held subsidiaries.</P>

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

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 10pt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">members of Company's management or of its directly or indirectly held subsidiaries and its direct
or indirect controlling shareholders:</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable, since there are no cases of marital, 'stable
union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and the Company's
direct or indirect controlling shareholders.</P>

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

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 10pt"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">members of Company's management and of its direct and indirect parent companies:</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable, since there are no cases of marital, 'stable
union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and the management
of the Company's direct and indirect parent companies.</P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>7.6 - Inform about relationships of subordination, provision
of services or control maintained, in the last 3 fiscal years, between the issuer&rsquo;s management and a. company directly or indirectly
controlled by the issuer, except those in which the issuer directly or indirectly holds an interest equal to or greater than ninety-nine
percent (99%) of the share capital; b. issuer&rsquo;s direct or indirect controlling shareholder; and c. if relevant, supplier, client,
debtor or creditor of the issuer, its subsidiary or parent companies, or subsidiaries of any of these persons</B></P>

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

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 10pt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-size: 10pt">company directly or indirectly controlled by the Company, except those in which the Company directly
or indirectly holds an interest equal to or greater than ninety-nine percent (99%) of the share capital:</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable, since there are no relations of subordination,
provision of services or control maintained between those nominated for the positions as member of the Fiscal Council and those of any
company directly or indirectly controlled by the Company, except those in which the Company directly or indirectly holds an interest equal
to or greater than ninety-nine percent (99%) of the share capital, in the last three fiscal years.</P>

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

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-align: justify; text-indent: 0cm"><FONT STYLE="font-size: 10pt"><B>b)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Company&rsquo;s direct or indirect controlling shareholder:</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">Not applicable, since there are no relations of subordination
between the Company&rsquo;s direct or indirect controlling shareholder and those nominated for the positions as member of the Company&rsquo;s
Fiscal Council, company directly or indirectly controlled by the Company, in the last three fiscal years.</P>


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

<P STYLE="font: 12pt Times New Roman,serif; margin: 0; text-indent: 0cm"><FONT STYLE="font-size: 10pt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">if material, supplier, client, debtor or creditor of the Company, its subsidiaries or parent companies,
or subsidiaries of any of these persons:</FONT></B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Not applicable, since there are no relevant relationships
between any supplier, client, debtor or creditor with the Company, its subsidiaries or parent companies, or subsidiaries of any of these
persons, in the last three fiscal years.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>7.7 - Describe the provisions of any agreements, including
insurance policies, that provide for the payment or reimbursement of expenses incurred by the management members, resulting from the repair
of damages caused to third parties or to the issuer, penalties imposed by state agents, or of agreements with the purpose of terminating
administrative or judicial proceedings, by virtue of the exercise of their functions</B></P>

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The Company&rsquo;s Bylaws have a provision in Article
46, transcribed below, regulating the defense procedures of the management members and employees serving terms for matters arising from
the exercise of their functions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">&ldquo;<I>Article 46 - The Company will ensure that
the members of the board of directors, the executive board and the fiscal council or the members of any corporate bodies with technical
functions destined to advise the management members are defended in judicial and administrative proceedings brought by third parties,
during or after their respective terms of office, for acts performed in the exercise of their functions, including through a permanent
insurance agreement, in order to protect them from liability for acts arising from the exercise of their position or function, with the
payment of court expenses, attorneys&rsquo; fees, indemnities and any other amounts resulting from said proceedings.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><I>&sect;1 - The guarantee provided for in the head
provision of this article extends to employees who regularly act serving the terms granted by the Company or companies controlled by it.</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify"><I>&sect;2 - If any of the persons mentioned in the
head provision or in &sect; 1 are convicted, by final and non-appealable court decision, due to negligence or intent, they must reimburse
the Company for all costs and expenses with legal assistance, under the terms of the law</I>.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Said article was approved at the Company&rsquo;s shareholders&rsquo;
meeting held on March 1<SUP>st</SUP>, 2013. In addition, the Bylaws of the former Companhia de Bebidas das Am&eacute;ricas, merged with
and into the Company, already contained a similar provision, as approved at the general meeting held on April 28, 2010, with shareholders
present representing 94.5520% of the voting share capital.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">On the date hereof, the Company has an insurance policy
with Zurich Minas Brasil Seguros S.A. applicable to its management members and management members of companies controlled by it, with
a premium amount of approximately US$ 64 thousand and a maximum guarantee limit of US$ 15 million, having coverage under usual market
conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Thereby, the Company will ensure that the members of
the management, members of the Fiscal Council or certain employees are defended in judicial and administrative proceedings brought by
third parties, during or after their respective terms of office, for acts performed in the exercise of their functions, with the payment
of attorneys&rsquo; fees, expenses, indemnities and any other amounts related to said proceedings, except in cases of negligence or intent
of said persons. The policy does not include coverage of any fines or other civil and administrative penalties imposed on such persons,
which are imposed by state or self-managed bodies that regulates and inspects the activities of the Company and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">Additionally, Anheuser-Busch InBev SA/NV, the Company&rsquo;s
indirect parent company, has an insurance policy with a pool of insurers that provides for the payment or reimbursement of expenses incurred
by its management members and by the management members of companies controlled by it, directly or indirectly, resulting from repairing
damage caused to third parties or to the Company, with a maximum guarantee limit calculated through comparisons with other companies with
a similar risk profile, having coverage under usual market conditions.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify"><B>7.8 - Provide other information that the issuer deems relevant</B></P>

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


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<P STYLE="font: 10pt Times New Roman,serif; margin: 0"><B>Meetings of the Company held in the last three years:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 12pt">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; width: 31%; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Type</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 19%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 7.7pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Held on</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 50%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 7.7pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt"><B>Quorum to Open the Meeting <SUP>(1)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Special and Annual General Meeting</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">04/29/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 7.7pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">In AGM, Shareholders representing 91.18% of the Company&rsquo;s voting share capital. In SGM, Shareholders representing 91.25% of the Company&rsquo;s voting share capital.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Special and Annual General Meeting</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">04/29/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 7.7pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">In AGM, Shareholders representing 90.27% of the Company&rsquo;s voting share capital. In SGM, Shareholders representing 90.33% of the Company&rsquo;s voting share capital.</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif"><FONT STYLE="font-size: 9pt">Special and Annual General Meeting</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: center"><FONT STYLE="font-size: 9pt">04/24/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 7.7pt 1.4pt 4.25pt; font-family: Times New Roman,serif; text-align: justify"><FONT STYLE="font-size: 9pt">In AGM, Shareholders representing 88.34% of the Company&rsquo;s voting share capital. In SGM, Shareholders representing 89.28% of the Company&rsquo;s voting share capital.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Times New Roman,serif; margin: 0"><SUP>(1)</SUP> In the last three years, no meeting was installed on second call.</P>

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

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

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt"><B>Additional clarification on corporate governance practices</B></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt"><I>Best Corporate Governance Practices According to the IBGC</I></P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0 0 12pt; text-align: justify">The Code of Best Corporate Governance Practices, published
by the Brazilian Institute of Corporate Governance &ndash; IBGC, aims to make the Brazilian organizational and institutional environment
more solid, fair, accountable and transparent, establishing recommendations for the creation of better corporate governance systems in
organizations, aiming to optimize the organization&rsquo;s value, facilitating its access to resources and contributing to its good performance
and longevity.</P>

<P STYLE="font: 10pt Times New Roman,serif; margin: 0; text-align: justify">The Company is committed to the best corporate governance
practices, having adhered to practices recommended by the IBGC, such as: prohibiting the use of insider information and the existence
of a policy for disclosing relevant information; electing directors with experience in operational, financial and other matters, in addition
to experience in participating in other boards of directors; maintaining a reporting channel for the presentation of complaints or resolution
of ethical dilemmas; and statutory provision for the installation of a Fiscal Council.</P>

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

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

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


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<DESCRIPTION>EXHIBIT A.V COMPENSATION OF THE MANAGERS
<TEXT>
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<P STYLE="font: bold 10pt Times New Roman Negrito; margin: 0 0 0 0.5in; text-transform: uppercase; text-align: center; text-indent: -0.5in"><FONT STYLE="font-variant: small-caps"><U>Exhibit
A.V &ndash; Compensation of the Managers</U></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(as item 8 of Exhibit C to CVM Resolution 80/22)</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<U>Compensation
of the managers</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.1 &ndash; Describe the compensation policy or
practice for the board of directors, board of officers, fiscal council, statutory committees and audit, risk, financial and compensation
committees, addressing the following aspects:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(a) Purposes of the compensation policy or practice,
informing if the compensation practice was formally approved, the body responsible for its approval, approval date and, if the issuer
discloses the policy, websites in which the document may be found</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our compensation practice is aimed at aligning Company&rsquo;s
purposes, shareholders&rsquo; interests, management&rsquo;s productivity and efficiency, as well as maintaining the competitiveness of
Company&rsquo;s compensation package before the market. In this sense, the Company adopts a compensation system applicable to the management
which encourages the development of a culture of high performance, keeping key personnel of the Company over the long term, while ensuring
that the best people are hired and retained, and the interests of the management are aligned with those of shareholders.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company has a <I>&quot;Compensation and Stock
Option Policy for the Board of Officers&quot;</I>, whose provisions were consolidated and approved at a meeting of the Board of Directors
held on September 19, 2018. The Compensation and Stock Option Policy for the Board of Officers may be found on the CVM website and at
the following electronic address: https://ri.ambev.com.br, in the section &ldquo;Corporate Governance&rdquo;, &ldquo;Policies and Codes&rdquo;,
&ldquo;Compensation Policy for the Board of Officers&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no policy formally approved for the compensation
of the Board of Directors and its advisory committees, nor the Fiscal Council.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(b) <U>Practices and procedures adopted by the
Board of Directors to define the individual compensation of the Board of Directors and Board of Officers, appointing:</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(i) The bodies and committees of the issuer
that participate in the decision-making process, identifying the form in which they participate</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The following bodies participate in the decision-making
process for the definition of the individual compensation of the Board of Directors and the Board of Officers of the Company: the People
Committee and the Board of Directors. The People Committee is responsible for providing an opinion on the management&rsquo;s proposal
to be assessed by the Board of Directors concerning the definition of the compensation policy for the high-performance management and
employees of the Company, including their individual compensation packages, in order to the ensure that the beneficiaries have the proper
compensation and incentives to reach an exceptional and sustainable performance. On the other hand, the Board of Directors is responsible
for deciding on the recommendation presented by the People Committee, as well as defining the criteria for the granting of stock / options,
compensation and benefits (indirect benefits, participation on the results etc.) of the managers and presidents of Company&rsquo;s business
units, provided that the other decisions regarding the management of the Stock Option Plan (&ldquo;<U>Option Plan</U>&rdquo;) and the
Share-Based Compensation Plan (&ldquo;<U>Stock Plan</U>&rdquo; and, together with the Option Plan, the &ldquo;<U>Plans</U>&rdquo;), such
as the definition of grants and concessions to employees in general, shall be People Committee&rsquo;s responsibility. For more information
about the Plans, see item 8.4 of this Exhibit A.V (&ldquo;<U>Exhibit</U>&rdquo;). It should be noted that the members of the Board of
Directors and of the People Committee abstain from voting on the definition of their individual compensation, in order to not participate
in the decision-making process, avoiding any possible conflict of interests.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(ii) Criteria and methodology used to establish
the individual compensation, appointing if studies were used to verify the market practices and, if yes, the comparison criteria and scope
of said studies</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fixed and variable individual compensation of
the members of the Board of Directors was defined based on a compensation survey conducted with large public companies and is updated
annually based on the IPCA variation until the Board of Directors deems it necessary to engage at a new compensation survey. All directors
receive the same compensation, being noted that (i) the directors compensated by Anheuser-Busch InBev S.A./N.V. &ndash; ABI (&ldquo;<U>Controlling
Shareholder</U>&rdquo; or &ldquo;<U>ABI</U>&rdquo;), including the alternate member, do not receive any additional fees from the Company;
and (ii) the co-chairman of the Board of Directors, compensated by the Company, has different compensation due to his unique experience
in the sector in which the Company operates, his greatest attributions and his longer time of dedication.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fixed and variable individual compensation of
the members of the Board of Officers is defined based on an annual compensation survey, using the group of companies classified as &ldquo;non-durable
consumer goods&rdquo; in the comparison. For the definition of fees, the monthly amount paid by the median of the companies involved in
the survey is used as reference. If there is a positive variation of this indicator in relation to the previous year, the reference of
the previous year is updated. After updating the market benchmark for each position level, the fees are set by varying according to meritocracy
criteria, market knowledge and the seniority level of the executive. Without prejudice to the evaluation by the People Committee and by
the Board of Directors, as indicated in item (i) above, the fees of the Board of Officers are analyzed annually by the Company&rsquo;s
People &amp; Management area, which may make adjustment recommendations, if deemed necessary. Any recommendations need to be approved
by the CEO to be implemented.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(iii) How often and how does the Board of Directors
assesses the adequacy of the compensation policy of the issuer</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212121">Annually, the People Committee evaluates
the retention of the Company&rsquo;s talent, which includes the analysis of the need to adapt the compensation practices adopted by the
Company. If this Committee deems it necessary, it is proposed to the Board of Directors to adjust these practices. In addition, the goals
of executives, whose achievement is decisive in the determination of the amount to be paid by the Company as variable compensation and
the amount of stock options to be granted to such executive, are reviewed and validated by the Board of Directors annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #212121">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="color: #212121"><B>(c)</B></FONT><B>
Structure of the compensation, appointing:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;description
of the compensation elements, including, in relation to each one of them: their purposes and alignment with the issuer&rsquo;s short,
medium and long-term interests; its proportion in the total compensation in the last three fiscal years; its methodology for calculation
and restatement; and main performance indicators taken into account therein, including, where applicable, indicators linked to ESG issues.</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to art. 152, of Law No. 6,404/1976, and article
15, &sect;1, of Company&rsquo;s Bylaws, the global amount of the Company&rsquo;s compensation is fixed annually by the Shareholders&rsquo;
General Meeting, the compensation being distributed among the bodies by the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The elements of the compensation of these bodies are
described below:</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) Board of Directors</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The compensation of the members of the Board of Directors
is divided into: (i) a fixed compensation that is in line with market average; and (ii) a variable compensation, considering the sustainable
growth of the Company and its long-term businesses, designed to stimulate and reward significant accomplishments by means of participation
on the results.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The members of the Board of Directors may participate
in the Plans, as described in item 8.4 of this Exhibit. Additionally, certain members of the Board of Directors also participate in a
private pension fund to which the Company also makes partial contributions, as described in item 8.14 of this Exhibit .</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) Board of Officers</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Officers have their compensation divided
into fixed and variable components, provided that the base salary (the fixed component) is in line with market median, while the main
focus is on the variable compensation (participation on the results) and on the long-term incentives. The members of the Board of Officers
are also entitled to stock and/or options granted under the Plans, and, potentially, in the case of executives identified to have high
potential in the long term, the granting of Share Value Rights (as defined in item 8.4 below). The goal is to stimulate
the alignment of interests for long-term value generation.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Officers are entitled to the benefits provided
for in the benefits policy of the Company, pursuant to item 10.3(2) of the Company&rsquo;s Reference Form. Such benefits include medical,
dental, educational and social assistance to executive officers and their dependents, free of costs or at a reduced cost. In addition,
certain executive officers participate in a private pension plan to which the Company makes partial contributions, as described in item
8.14 of this Exhibit.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The People Committee and the Board of Directors participate
in the decision-making process to define the compensation of Company&rsquo;s officers, so that no officer decides on his/her own compensation.
The People Committee is responsible for giving an opinion on the management&rsquo;s proposals to be considered by the Board of Directors,
which, in addition to deciding on the People Committee&rsquo;s recommendations, defines the general criteria for granting options and
shares to Company&rsquo;s executives, with due regard for the global amount approved by the general meeting for a given fiscal year. Additionally,
officers&rsquo; annual targets are discussed and approved by the Board of Directors, which is also responsible for its final validation
at the end of each year.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, the People Committee assesses the retention
of Company&rsquo;s talents annually, which includes an analysis of the need to adapt the compensation practices adopted by the Company.
If the People Committee deems it necessary, it may propose adjustments to these practices to the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) Fiscal Council</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The members of the Fiscal Council receive a fixed
compensation that corresponds, at least, to the legal minimum resolved by the Shareholders&rsquo; Meetings. The compensation paid to each
member should not be lower than ten percent of the compensation assigned to each Officer, considering the average amount received by the
Officers, excluding any benefits, representation allowances and participation on the results. The compensation of the alternate members
is equivalent to 50% of the compensation of the effective members. Additionally, the members of the Fiscal Council shall be mandatorily
reimbursed for transportation and lodging expenses, which may be necessary to perform their duties. The members of the Fiscal Council
are not entitled to receive variable compensation. The fixed compensation attributed to Fiscal Council members is annually updated based
on IPCA variation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">d) Committees</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">All members of the Governance Committee, the People
Committee and Operations and Finance Committee that are part of the Board of Directors of the Company do not receive any specific compensation
for their activities in those Committees. Members, who do not meet this condition, receive annual fixed fees aligned with the market average
and annually updated based on the IPCA variation and are not entitled to receive variable compensation. Additionally, all members of the
Committees shall be mandatorily reimbursed for transportation and lodging expenses, which may be necessary to perform their duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Purposes and alignment with short, medium and
long-term interests</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fixed compensation is a compensation based on
market research, but as the segment cycle in which the Company operates in is the segment of medium and long-term, the alignment of the
compensation to the interests of the Company is verified by means of granting a substantial portion of compensation referred to those
periods.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The medium-term income is aligned with the compensation
policy of the Company as to the payment of the profit sharing. In this case, the income of the Company and the results of its management
during the year will affect the amount to be assigned as variable pay.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, the Option Plan requires a commitment
of funds over the long-term, by virtue of the connection between options&rsquo; vesting periods and/or the restriction on the sale of
corresponding shares, conditioning the exercise and acquisition to the continued employment with the Company.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Stock Plan reinforces the need for a long-term
commitment, once the delivery of the Company&rsquo;s shares is contingent upon the executive employment with the Company during a vesting
period of no less than three years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Share Value Rights (as defined in item 8.4 below),
occasionally granted to certain elected high potential executives by the Company, align the long-term and very long-term interests by
means of the possibility of receiving, after the vesting periods of five or ten years, the amount corresponding to the price of the shares
issued by the Company, to encourage the retaining of talent as well as the creation of value for the Company and the shareholders in order
to encourage the future appreciation of the shares in the long term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As such, it is understood that the compensation policy
of the Company is totally aligned with the monitoring of its performance and, therefore, reaffirms the sharing of the risk and the potential
profits between the management and the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B><I>Proportion in total compensation for
the past three fiscal years</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The table below shows the expected proportion of each
element in the total compensation structure for the past three fiscal years:</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 28%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Committees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Fixed Compensation</B><SUP>(i)</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">33.40%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">23.24%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>100%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Fees</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">33.40<FONT STYLE="font-weight: normal">%</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">20.27<FONT STYLE="font-weight: normal">%</FONT></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Direct and indirect benefits</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.96%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">18.10%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">22.95%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">48.50%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">53.81%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 28%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Committees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>46.87%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>23.34%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>100.00%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>100.00%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Fees</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">25.97%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">22.41%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100.00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Direct and indirect benefits</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">20.90%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0.93%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>19.57%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>40.34%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>33.56%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>36.31%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 28%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Committees</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>54.54%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>33.99%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>100.00%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>100.00%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Fees</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">45.45%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">27.56%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">83.33%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">100.00%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Direct and indirect benefits</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1.22%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B><I>Charges</I></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">9.09%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">5.21%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">16.67%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Variable compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>45.46%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>66.01%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>(i) Since 2021, the tables above do not take into
account amounts referring to employer&rsquo;s payroll charges, according to the guidance provided for in the Circular-Notice/Annual-2023-CVM/SEP
of the Superintendence of Relations with Companies (Superintend&ecirc;ncia de Rela&ccedil;&atilde;o com Empresas &ndash; SEP) following
the decision of the CVM Collegiate Body in the Proceeding No. 19957.007457/2018-10 (guidance which was also provided for in the Circular-Notice
No. 01/2021 of the Superintendence of Relations with Companies (Superintend&ecirc;ncia de Rela&ccedil;&atilde;o com Empresas - SEP) disclosed
in 2021). </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The proportion of the elements of compensation of
the Board of Directors and the Board of Officers described above tends to repeat, to a greater or lesser degree, in years when the Company
meets the eligible targets for distribution of variable compensation.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Variable compensation is determined according to the
performance verified in relation to pre-established targets. Consequently, in case the minimum targets established are not fulfilled,
no variable compensation will be due.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As mentioned earlier, the compensation of the members
of the Fiscal Council is 100% fixed on annual fees and they are reimbursed for their travels and lodging expenses required for the performance
of their duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Also, as already mentioned, the members of the Board
of Directors advisory Committees that are not part of the Company&rsquo;s Board of Directors have 100% of their compensation composed
of annual fixed fees and are reimbursed for their travels and lodging expenses required for the performance of their duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>Methodology for calculation and restatement
</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The overall compensation of the management, as approved
by the Annual Shareholders&rsquo; Meeting, is restated annually based on market research carried out according to the terms indicated
in sub-item (c) (ii) below and periodically assessed by the Company&rsquo;s People &amp; Management area, so as to secure that the amount
paid is sufficient to meet the specific objectives in relation to the market.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The variable compensation, when paid in cash, is calculated
as a multiple of fixed compensation, provided that the target conferred on the manager and the Company have been achieved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Regarding the determination of the amount of stock
options to be granted under the Option Plan, please refer to items 8.4 and 8.12 below. For a description of the determination of the benefit
resulting from Share Value Rights, please refer to item 8.4 below. For a description related to the Stock Plan, please refer to item 8.4
below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Both for purpose of compensation and for purpose of
granting stock options / shares the achievement of annual targets as well as other results delivered in the year, meritocracy criteria,
seniority level and expertise of the executive may be taken into consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Please refer to sub-item (d) below for further information.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>Key performance indicators taken into account
therein, including, where applicable, indicators linked to ESG issues</U></I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The key performance indicators for purposes of defining
the variable compensation based on the achievement of goals either for the Company or its management are EBITDA, cash flow and net revenues,
in addition to other specific indicators for the various departments of the Company according to their respective functions and competencies.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Additionally, given the importance that the Company
gives to ESG key performance indicators, as already shown in item 1.9.(e) of the Company&rsquo;s Reference Form, starting from 2022, all
members of the Board of Officers have at least one target linked to ESG, representing another important step towards the integration of
the subject in the business strategy of the Company, directly impacting the variable compensation of its main executives.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The variable compensation (profit sharing) is defined
according to the following basis: (i) below a certain level of target achievement, no variable compensation shall be due, but, on the
other hand, outstanding accomplishments of targets must be compensated with participation on the results comparable to or even higher
than top levels in the market; and (ii) variable compensation will only be granted if both the targets of the Company and those targets
of the manager are achieved.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(ii) Reasons behind the compensation elements</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Compensation of the management is defined to encourage
its members to meet short, medium and long-term results for the Company. On this regard, the Company secures a fixed compensation based
on market research, however, encouraging the achievement of expressive results to obtain a variable compensation above market average.
Therefore, Company&rsquo;s targets must be challenging but achievable.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The possibility of granting options and shares encourages
the alignment of interests of the shareholders and the management over the long-term, upon the free or onerous receipt, as the case may
be, of the Company&rsquo;s shares by its managers, with restrictions on sale or delivery, contingent upon continued employment with the
Company for a certain period of time. Also, additional shares may be granted to the beneficiary depending on the reinvestment level of
the variable compensation that is chosen.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Finally, the Company has adopted, for certain executives
deemed strategic and with high performance potential, the granting of Share Value Rights (as defined in item 8.4 below), enabling such
participants to receive cash bonus based on the value of the shares of the Company. The granting of Share Appreciation Rights, however,
is contingent upon the continued employment of executives with the Company for a long or very long term, with vesting periods of five
to ten years, therefore encouraging the retaining of strategic talent and generating value for shareholders in the long term.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In relation to the Fiscal Council and the Committees,
the intention is to secure compensation compatible with the limits defined in applicable legislation, ensuring that its members are duly
rewarded to perform their duties.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I>(iii) The existence of members who do not receive
compensation and the reason for that</I></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The alternate member and three sitting members of
the Board of Directors do not receive compensation from the Company, as they are also part of the management of the Parent Company, which
is responsible for the compensation payment of these members.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(d) Existence of compensation borne by direct or
indirect subsidiaries or controlling companies</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The alternate member and three members of the Board
of Directors are also part of the management of the Parent Company, which bears compensation payment of these members, and, therefore,
they do not receive compensation from the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In addition, on November 25, 2008, certain managers
of the Company received stock options of shares issued by ABI, the controlling shareholder of the Company, totaling approximately 5 million
options, with approximately 1 million options for members of the Board of Officers, at the time, and approximately 4 million for members
of the Board of Directors, at the time. Each of such options entitles the acquisition of one common share issued by ABI. One half of those
options became exercisable on January 1st, 2014 and the other half became on January 1st, 2019. In both cases the options may be exercised
within five years at an exercise price of &euro;10.32, corresponding to the market price of the shares of ABI on the date the options
were granted. Moreover, the exercise of such options also depended on ABI&rsquo;s net debt to EBITDA ratio to fall below 2.5 before December
31, 2013, which has been achieved. In 2016, there was a grant of restricted shares issued by ABI, in accordance with the applicable lock-up
terms, in a total amount of approximately 107 thousand restricted shares, of which approximately 2,500 to members of the Board of Officers
and 104 thousand to members of the Board of Directors.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2019, certain members of the Board of Directors
received 0.5 million in ABI options and no member of the Board of Officers received ABI options. The options have a vesting period of
5 years. In addition, in 2019, there was a concession of restricted shares issued by ABI in a total of 0.4 million shares with vesting
period of 5 years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2020, certain members of the Board of Directors
received 4.2 million in ABI options and certain members of the Board of Officers received 4.5 million in ABI options. The options have
a vesting period of 5 years. In addition, in 2020, restricted shares issued by ABI were granted to certain members of the Board of Officers
and the Board of Directors, in a total of 1.9 million shares with vesting period of 3 and 5 years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2021, ABI granted 0.06 million restricted shares
to certain members of the Board of Directors and 0.03 million restricted shares to certain members of the Board of Officers with a vesting
period of 3 and 5 years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In 2022, ABI granted 0.47 million restricted shares
to certain members of the Board of Directors with a vesting period of 3 years.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(e) Existence of any compensation or benefit connected
to the occurrence of a certain corporate event, such as the sale of corporate control of the issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Not applicable once there is no compensation or benefit
connected to the occurrence of any corporate event.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.2 - Regarding the compensation recognized in
income for the past three fiscal years and that expected for the current fiscal year of the board of directors, board of officers and
fiscal council:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 31%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Forecast for 2023</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>32.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>28.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Annual Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Salary/fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8,627,547</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">22,322,973&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2,209,282&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>33,159,802</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,505,396</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,505,396</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Compensation for sitting on Committees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Description of other fixed compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Profit sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,751,040</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">34,230,348&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>35,981,388</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Compensation for attending meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Commissions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Description of other variable compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Post-Employment Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,447,449</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,447,449&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Termination Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12,431,795&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">91,290,282&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>103,722,077&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Observation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>22,810,382</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>150,796,448&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2,209,282&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>175,816,112</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D8D8D8">
    <TD STYLE="white-space: nowrap; width: 31%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>32.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>28.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Annual Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Salary/fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7,630,060&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">19,329,127&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,996,508&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>28,955,695&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,797,817</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,797,817</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Compensation for sitting on Committees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Description of other fixed compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Profit sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">4,134,554&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">21,883,874&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>26,018,428&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Compensation for attending meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Commissions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Description of other variable compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Post-Employment Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,027,315</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,027,315&nbsp;&nbsp;</B></FONT></TD></TR>

<TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 31%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Termination Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 19%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11,079,641&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">51,297,067&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>62,376,708&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Observation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>22,844,255&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>95,335,200&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,996,508&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>120,175,963&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D8D8D8">
    <TD STYLE="white-space: nowrap; width: 31%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2021</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8.50</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>27.50</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Annual Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Salary/fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6,646,367.08</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">18,752,072.29&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,808,132.40&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>27,206,571.77&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Compensation for sitting on Committees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Description of other fixed compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Profit sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,009,391.76&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">33,753,260.99&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>38,762,652.75&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Compensation for attending meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Commissions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Description of other variable compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Post-Employment Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">779,406.75&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>779,406.75 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Termination Benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,347,790.19&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>5,347,790.19&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8,587,883.95&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">30,379,868.92&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>38,967,752.87&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Observation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>25,591,432.97&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>83,664,608.96 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>1,808,132.40&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>111,064,174.33&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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

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

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

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


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  <TR STYLE="background-color: #D8D8D8">
    <TD STYLE="white-space: nowrap; width: 31%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2020</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.77 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>30.77 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>8.67 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.77 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6.00 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>26.44 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Annual Fixed Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Salary/fees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,836,630.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">15,369,213.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,716,643.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>22,922,486.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Direct and indirect benefits</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Compensation for sitting on Committees</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,167,326.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2,906,535.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">343,329.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>4,417,190.00</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Description of other fixed compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Others: refers to INSS employer&rsquo;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Others: refers to INSS employer&rsquo;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Others: refers to INSS employer&rsquo;s contribution</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Bonus</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Profit sharing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Compensation for attending meetings</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Commissions</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Description of other variable compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Post-Employment Benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">681,636.80</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>681,636.80</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Termination Benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Share-based compensation, including stock options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,838,795.76 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">36,816,162.01 </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>42,654,957.77 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Observation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">The number of members of each body corresponds to the average annual number of members of each body determined on a monthly basis to two decimal places. The total number of members also includes the alternate members.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12,842,751.76</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>55,773,546.81</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2,059,972.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>70,676,270.58</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>8.3 - Regarding the variable compensation for the past three fiscal
years and that expected for the current fiscal year of the Board of Directors, Board of Officers and Fiscal Council: </B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">

    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Variable compensation &ndash; forecast for 2023</B></P></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 33%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>32.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>15.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Bonus </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Profit sharing</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">348,840</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">6,620,706</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6,969,546</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,751,040</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">34,230,348</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>35,981,388</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,409,040</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">26,742,459</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>28,151,499</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Variable compensation &ndash; fiscal year ended on December 31, 2022</B></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B></B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 33%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>32.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0,00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>15.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Bonus </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Profit sharing</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">935,298</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">7,141,711</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>8,077,009</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">4,200,637</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">38,490,063</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>42,690,700</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">3,084,843</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">23,555,117</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>26,639,960</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount effectively recognized in the income statement for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">4,134,554</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">21,883,874</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>26,018,428</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Variable compensation &ndash; fiscal year ended on December 31, 2021</B></P></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>31.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Bonus </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Profit sharing</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">205,070</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,536,645</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,741,715</B></FONT></TD></TR>

<TR>
    <TD STYLE="vertical-align: top; width: 33%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">4,687,313</FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">35,380,305</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>40,067,618</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2,458,328</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">18,420,926</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>20,879,254</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount effectively recognized in the income statement for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">5,009,392</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">33,753,261</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>38,762,653</B></FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="5" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 10pt"><B>Variable compensation &ndash; fiscal year ended on December 31, 2020</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 32%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.77</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>30.77</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Bonus </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Profit sharing</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">210,051</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,525,891</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,735,942</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">5,761,394</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">42,587,950</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>48,349,344</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount provided for in compensation plan in case the targets are met</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2,400,581</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">17,387,694</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>19,788,275</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Amount effectively recognized in the income statement for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Note</U>:</B> The difference between the minimum
forecasted amount and the amount effectively recognized in the income statement for the fiscal year of 2020 is mainly due to the variable
component of the compensation, which is linked to specific performance goals of the Company&rsquo;s managers.</P>


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<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.4 - Regarding the share-based compensation plan
for the board of directors and the board of officers, in force in the past fiscal year and expected for the current fiscal year, describe:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(a) General terms and conditions</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Option Plan</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Option Plan provides for the general conditions
applicable to the granting of options, the criteria to determine its exercise price, its general terms and conditions, and the restrictions
on the transfer of shares acquired by its exercise.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Option Plan is managed by the Board of Directors
which grants options establishing the specific terms and conditions applicable to each grant through stock option programs, such as the
identification of the beneficiaries, the options&rsquo; exercise price, any restrictions to the acquired shares, the vesting periods and
the option exercise periods and rules applicable to the termination of the beneficiary&rsquo;s employment contract, and it may also establish
targets related to the performance of the Company. The Board of Directors may further define specific rules applicable to beneficiaries
of the Company who have been transferred to other countries, including to the Company&rsquo;s controlling companies its subsidiaries.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Option Plan, senior employees and management
of the Company or its direct or indirect subsidiaries (beneficiaries) are eligible to receive stock options of the Company or American
Depositary Receipts (&ldquo;<U>ADRs</U>&rdquo;) based in shares issued by the Company, in the event the beneficiaries do not live in Brazil.
Currently, approximately 550 people (including managers and employees) hold stock options for shares of the Company considering all the
programs of the Option Plan together.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Share Value Right (Phantom Stocks)</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company also welcomed the long-term incentive
granted to some executives identified as high potential by the Company (and such incentive is denominated &ldquo;<U>Share Value Rights</U>&rdquo;).
Such incentive is beyond the scope of the Option Plan and the Stock Plan since it does not involve settlement by the granting or acquisition
of shares. Within the scope of the Share Value Rights program, each beneficiary will receive two separate lots of Share Value Rights &ndash;
(lot A and lot B), as the case may be, in which each Share Value Right will correspond to a share or ADR, as the case may be, subject
to vesting periods of five and ten years, respectively as of the date of their granting. Once such five or ten-year term has elapsed,
as applicable, the beneficiary who remains at the Company or in any entity of its group will receive in funds immediately available the
amount in Brazilian <I>Reais</I> corresponding to the closing price of shares or ADRs of the Company at S.A. &ndash; Brasil, Bolsa, Balc&atilde;o
(&ldquo;<U>B3</U>&rdquo;) or New York Stock Exchange (&ldquo;<U>NYSE</U>&rdquo;), respectively, at the trading session immediately before
the end of such vesting periods. The Share Value Rights granted do not concern the delivery, subscription or acquisition of shares or
ADRs, and, therefore, will not ascribe to the beneficiary the condition of shareholder of the Company or to any right or prerogative as
a result of such condition. The benefits ascribed to the granting of Share Value Rights shall be considered as variable compensation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Stock Plan</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Company implemented a Stock Plan, under which
certain employees and members of the management of the Company or its subsidiaries, direct or indirect, are eligible to receive shares
of the Company including in the form of ADRs, in the event of persons living outside Brazil. The shares that are subject to the Stock
Plan are designated &ldquo;<U>Restricted Shares</U>&rdquo; or &ldquo;<U>Performance Shares</U>&rdquo;.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Board of Directors has broad powers of organization
and management of the Stock Plan, in accordance with its general terms and conditions, and must establish the terms and conditions applicable
to each Restricted Shares program (Share-Based Payment Program - &ldquo;<U>Stock Programs</U>&rdquo;), which, for its turn, sets the terms
and conditions specific to the participants of that program, including the conditions and procedures for transferring the Restricted Shares
and rules applicable in case of termination of the employment contract. In 2022, the Board of Directors delegated to the People Committee
the responsibility for monitoring and approving matters related to the Stock Plan with regard to employees in general, provided that approvals
involving members of the management and/or presidents of Company&rsquo;s business units remain under Board of Directors&rsquo; sole responsibility.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Stock Plan the delivery of the Restricted
Shares is exempt from financial consideration.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
of approval and responsible body</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Option Plan was approved at the Company&rsquo;s
Extraordinary General Meeting held on July 30, 2013.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: justify">The Company also received the long-term incentive
approved by the Board of Directors of Companhia de Bebidas das Am&eacute;ricas &ndash; Ambev on August 26, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Stock Plan was approved at the Extraordinary General
Meeting held on April 29, 2016, amended by the Extraordinary General Meeting held on April 24, 2020.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(c) Maximum number of shares covered</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Stock Plan sets that the global amount of shares
to be granted to employees and managers of the Company is up to 3.0% of shares representing the Company&rsquo;s capital stock.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(d) Maximum number of options to be granted</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Option Plan does not provide the maximum number
of options potentially covered by the plan, being the responsibility of the Board of Directors to establish the options upon the approval
of each program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>(e) Conditions to acquire shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the Company&rsquo;s programs named Programs 2016.1,
2016.2, 2016.3, 2017.1, 2017.2, 2017.4, 2018.1, 2018.2, 2018.4, 2019.1, 2019.2, 2019.4, 2019.5, 2020.1, 2021.1, 2022.1 and 2023.1, all
within the Scope of the Option Plan, two types of grant were awarded, as follows: (i) in one type of grant, the exercise price of the
options must be paid on demand on the grant date (or within five business days), although a substantial part of the shares acquired, after
the exercise, will be subject to a lock-up period of three to ten years (depending on the program) as of the exercise date; and (ii) in
the other type of grant, a beneficiary may only exercise his/her options after a vesting period of five years, upon payment of exercise
price on demand, in consideration for the delivery of shares. Under this new model the exercise of options is not conditioned to meeting
the Company&rsquo;s performance targets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Share Value Rights incentive does not involve
exactly the acquisition of shares. The cash payment by the Company to the beneficiary of the amounts determined based on market prices
of shares or ADRs issued by the Company is subject to continued employment with the Company for a term of five years for lot A and ten
years for lot B, and it is not contingent upon the Company meeting performance targets.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the Programs 2018.1, 2018.3, 2018.4, 2019.1, 2019.3,
2019.6, 2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8, 2021.2, 2021.7, 2021.9, 2021.12, 2022.1, 2022.2, 2022.3, 2022.4, 2022.8, 2022.9, 2022.10
and 2023.1, within the scope of the Stock Plan, the granting was made free of charges and the shares will only be transferred to the participants
after the vesting period of three or five years, as the case may be, and provided that the participant maintains the employment/statutory
bond with the Company until the end of said term. There is no binding of the participants to the reaching of the Company&rsquo;s performance
goals, except in the programs of Performance Shares, which establish that, in addition to the conditions described above, the Performance
Shares will only be delivered to participants after the end of the vesting period if the performance test criteria are met on the observation
date to be defined in the respective program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(f) Criteria to set the acquisition or exercise
price</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In relation to the Options Plan, there is no acquisition
price for the options, which are granted free of charge. The price of the exercise of the shares arising from the Programs 2016.1, 2016.2,
2016.3, 2017.1, 2017.2, 2017.4, 2018.1, 2018.2, 2018.4, 2019.1, 2019.2, 2019.4, 2019.5, 2020.1, 2021.1, 2022.1 and 2023.1, all in the
scope of the Option Plan, corresponds to the closing price of the Company&rsquo;s stocks traded at B3 on the trading session immediately
before the grant date, and a discount may be applied depending on the program.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Share Value Rights incentive does not involve
the acquisition of shares, but rather the payment of a cash amount by the Company to the beneficiary. Such amount is determined at the
end of the vesting period applicable to each lot, based on the closing price of Company&rsquo;s shares or ADRs on the trading session
of B3 or NYSE, as applicable, immediately before the date of payment. Each Share Value Right shall correspond to the right related to
one share or ADR, as applicable.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the Programs 2018.1, 2018.3, 2018.4, 2019.1, 2019.3,
2019.6, 2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8, 2021.2, 2021.7, 2021.9, 2021.12, 2022.1, 2022.2, 2022.3, 2022.4, 2022.8, 2022.9, 2022.10
and 2023.1, within the scope of the Stock Plan, the granting of shares shall be made free of charge to the participants, provided that
the reference price of each restricted share will correspond to the quotation of the Company&rsquo;s shares traded at B3 on the trading
session immediately before the grant date, under the terms of the Stock Plan and of the relevant program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(g) Criteria to set the term for acquisition or
exercise</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Within the scope of the Option Plan, according to
the Programs 2016.1, 2016.2, 2016.3, 2017.1, 2017.2, 2017.4, 2018.1, 2018.4, 2019.1 and 2019.5, the lots may only be exercised (i) in
full upon the execution of the option grant agreement by the beneficiary; or (ii) in a period of five years after the verification of
the vesting period of the relevant options. The programs 2018.2, 2019.2, 2019.4, 2020.1, 2021.1, 2022.1 and 2023.1 have single lots that
may be exercised, in total or in part, within 45 days from the granting date, all subject to a minimum lock-up period of 3 years. The
criteria used in the establishment of said terms considers the short, medium and long-term goals of this incentive form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">With regard to the Share Value Rights, lot A provides
for a term of five years to receive the relevant amounts, while in the case of lot B, there is a term of ten years. The main purpose of
grace periods is to retain executives deemed of high potential and strategic for the business and activities of the Company, encouraging
their continued employment with the Company in view of the possibility of receiving, in the long term, potentially attractive amounts
linked to the value of shares issued by the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Within the scope of the Stock Plan, according to the
Programs 2018.1, 2018.3, 2018.4, 2019.1, 2019.3, 2019.6, 2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8, 2021.2, 2021.7, 2021.9, 2021.12, 2022.1,
2022.2, 2022.3, 2022.4, 2022.8, 2022.9, 2022.10 and 2023.1, the delivery of Restricted Shares will be made after the vesting period of
three to five years, as the case may be.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(h) Form of settlement</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the case of the Option Plan, the Company may use
treasury stocks to satisfy the exercise of options, and may, when applicable, use ADRs backed by shares issued by the Company. The Company
may also issue new shares, upon an increase in capital stock, upon a resolution of the Board of Directors within the limits of authorized
capital. The rule is that the exercise price must be paid on demand upon the exercise of the options within a period of up to five days
as of their exercise date, depending on the program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Share Value Rights do neither involve the effective
delivery of shares, nor the payment of any amount by the beneficiary. They are settled upon the payment of the cash benefit by the Company
directly to the beneficiary, immediately after the end of the relevant grace period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Within the scope of the Stock Plan, the Restricted
Shares shall be delivered by the Company to the respective participant, free of charge, within 30 days counted as from the expiry of the
respective vesting period, provided that the terms and conditions established in the respective programs are observe. For purposes of
the Stock Plan, the Company shall use existing shares held in treasury.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(i) Restrictions to the transfer of shares</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the Programs 2016.1, 2016.2, 2016.3, 2017.1, 2017.2,
2017.4, 2018.1, 2018.2, 2018.4, 2019.1, 2019.2, 2019.4, 2019.5, 2020.1, 2021.1, 2022.1 and 2023.1, under terms of the Option Plan, the
shares resulting from the option exercise may (i) be free and clear and may be transferred at any time, respected the preemptive right
of the Company; or (ii) be subject to a lock-up of, at least, three or five years counted as from the date of granting the options or
exercising the options, depending on the program.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Share Value Rights incentive by the Company does not
involve the delivery of shares. Therefore, there is nothing to say about any restriction to the transfer of shares. Please note, however,
that the receipt of the amounts under the share appreciation rights program is subject to the grace periods described in sub-item &ldquo;g&rdquo;
above.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Within the scope of the Stock Plan, according to the
Programs 2018.1, 2018.3, 2018.4, 2019.1, 2019.3, 2019.6, 2020.1, 2020.3A, 2020.3B, 2020.5, 2020.8, 2021.2, 2021.7, 2021.9, 2021.12, <FONT STYLE="background-color: white">2022.1,
2022.2, 2022.3, 2022.4, 2022.8, 2022.9, 2022.10 and 2023.1, after the expiry of the vesting period of three or five years</FONT>, the
delivered shares will be free and clear, and may be transferred at any time, respected the preemptive right of the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(j) Criteria and event that, once verified, will
result in the suspension, amendment or termination of the Plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The Plans may be amended or terminated by the Board
of Directors, pursuant to the terms under said Plans. Regardless of the authority of the Board of Directors, no decision may change the
rights and obligations of the Company or beneficiaries or participants in force. In addition, in case of dissolution, transformation,
merger, consolidation, spin-off or reorganization of the Company, the existing options and restricted shares will be subject to the rules
established by the Board of Directors on this matter.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(k) Effects of withdrawal of a manager from the
bodies of the issuer on the rights provided under share-based compensation plan</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Pursuant to the Plans, the Board of Directors or a
committee, as the case may be, shall establish, in each Program, the rules applicable to the cases of severance of Company&rsquo;s beneficiaries
and participants due to the termination of the employment agreement, end of term of office, dismissal or resignation from executive office,
as well as to the cases of retirement, permanent disability or death of participants.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Programs (Option Plan)</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>- Programs 2016.2, 2016.3, 2017.1, 2017.4, 2018.1,
2018.4, 2019.1 and 2019.5</U>:</I> For these programs, in the event of termination of the beneficiary&rsquo;s employment contract, the
following rules shall apply, as per each described event, namely: (i) in the event of termination for cause or similar reason, renouncement
or resignation or leave without pay for a period exceeding 24 months, any options not qualified to be exercised will lapse and any options
already qualified to be exercised may be so within 90 days as of the severance date, after which they will be canceled; (ii) in the event
of dismissal without cause or severance resulting from outsourced services, sale of affiliate company or business unit of the Company,
any options not qualified to be exercised will lapse and any options already qualified to be exercised may be so within 180 days as of
the severance date, after which they will be canceled; (iii) in the event of severance after a beneficiary has cumulatively achieved 70
years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), any options qualified to be exercised
may be so, while in relation to any options not qualified to be exercised, in case severance has occurred within 24 months after the option
grant, the beneficiary may only exercise his/her options on a pro rata basis if he/she has participated, upon destination of his/her variable
net compensation, of other Option Programs that he/she has participated as beneficiary, conditioned to the execution of a non-compete
agreement and, in case severance has occurred after 24 months, the beneficiary may exercise his/her options on a pro rata basis also conditioned
to the execution of the above-mentioned non-compete agreement; (iv) in the event of severance after a beneficiary has cumulatively achieved
80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), any options qualified to be
exercised may be so within their respective terms, provided that he/she executes the above-mentioned non-compete agreement if this is
so resolved by the Board of Directors of the Company; and (v) in case of death or permanent disability, any options already qualified
to be exercised may be so within their respective terms, and any options not yet qualified to be exercised may nevertheless be so immediately,
provided, however, that the Board of Directors of the Company may, in case of permanent disability, condition such exercise to the execution
of a non-compete agreement.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>- <U>Programs 2016.1, and 2017.2</U>:</I> For
these programs, in the event the employment agreement or term of office of the beneficiary terminates during the vesting period, for
any reason, except for the cases set forth below, the beneficiary will lose the right to receive said shares. In the event of termination
of the employment contract or term of office after 24 months as of grant date, for any reason other than (a) for cause, renouncement
or resignation, or (b) the events provided below: (i) the beneficiary shall be entitled to receive, always on a pro rata basis to the
number of calendar months completed during which he/she has remained performing his/her functions to the Company, its subsidiaries, controlling
companies and affiliates as of the date the options were granted, the shares assigned to him/her until the termination of his/her functions
to the Company, its subsidiaries, controlling companies and affiliates, provided that the Board of Directors may resolve that such receipt
is contingent upon the execution and performance by the beneficiary of a non-compete agreement with the Company according to the terms
and conditions established by the Board of Directors; and (ii) the restrictions to the transfer of shares provided for in the program
shall remain in force. In the event of severance after a beneficiary has cumulatively achieved seventy (70) years (i.e. sum of his/her
age and the duration of his/her service with the Company at severance date), any options qualified to be exercised may be so, while in
relation to any options not qualified to be exercised: (i) in case severance has occurred within 24 months after the option grant, the
beneficiary will lose his/her right to receive the shares, except if the beneficiary shall have allocated 100% of his bonus to full exercise
of options in the last five years (or in such shorter period in which he/she has become eligible to participate in the Company&rsquo;s
Programs), in which case the beneficiary shall be entitled to receive, always on a pro rata basis to the number of calendar months completed
during which he/she has remained in his/her office at the Company, its subsidiaries, controlling companies and affiliates, as of the
grant date, the shares assigned to him/her until the date of termination of his/her employment with the Company, its subsidiaries, controlling
companies and affiliates, provided that the Board of Directors may determine that receipt thereof shall be contingent upon the execution
and performance, by the beneficiary, of a non-compete agreement with the Company; and (ii) if the severance occurred after 24 months
after the granting of options, the beneficiary shall be entitled to receive, at all times proportional to the number of complete calendar
months which he/she remained in the performance of his/her duties to the Company, or to its controlled or controlling companies and affiliates,
since the stock granting date, the shares that were attributed to him/her until the termination of their duties to the Company or to
its controlling or controlled companies and affiliates, it being certain that the Board of Directors may establish that the receipt is
conditioned to the execution of and compliance with the non-compete agreement with the Company by the beneficiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a beneficiary has
cumulatively achieved 80 years (i.e., sum of his/her age and the duration of his/her service with the Company at severance date), he/she
shall be entitled to receive the shares after complying with the vesting period established in the program. In this case, restrictions
on the transfer of shares under the program shall remain force.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death or permanent disability of the beneficiary
&ndash; in the latter case, contingent upon the execution and performance, by the beneficiary, of a non-compete agreement with the Company
according to the terms and conditions established by the Board of Directors &ndash; he/she or his/her heirs or successors, as applicable,
shall be entitled to immediately receive the shares resulting from the options granted, as well as the shares already assigned in the
period, all of them free and clear.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>- Programs 2018.2, 2019.2, 2019.4, 2020.1, 2021.1,
2022.1 and 2023.1:</U></I> For such programs, in the event the employment agreement or term of office of the beneficiary terminates (a)
after the exercise date, for any reason, the beneficiary will remain entitled to the shares acquired under the program, as well as those
acquired due to bonus, split, subscription or other acquisition form related to said shares or (b) prior to the exercise date, the beneficiary
will lose right to the exercise of the options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><U>Share Value Rights</U></B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>In relation to lot A:</U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the events of (i) dismissal for cause or similar
reason; (ii) leave without pay for a period exceeding 24 months; (iii) renouncement or resignation; (iv) dismissal without cause; (v)
severance resulting from outsourced services, sale of subsidiary, affiliate company or business unit of the Company; and (vi) severance
after a beneficiary has cumulatively achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at
severance date), the Share Value Rights will be canceled and terminated by operation of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the events of (i) severance after a
beneficiary has cumulatively achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at
severance date); and (ii) permanent disability, the Share Value Rights granted during the period starting on their grant date and
ending on the severance date shall remain valid and their settlement shall
comply with the vesting periods provided for in the relevant agreement, provided that receipt of the corresponding bonus shall be contingent
upon the beneficiary executing and performing a non-compete agreement with the Company.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of death of the beneficiary, the Share
Value Rights shall be settled on a pro rata basis according to a formula calculated based on the number of calendar months completed during
the effectiveness of his/her employment contract with the Company and the beneficiary or, as applicable, his/her term of office as manager
of the Company since the grant date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><U>In relation to lot B: </U></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the events of (i) dismissal for cause or similar
reason; (ii) leave without pay for a period exceeding twenty-four (24) months; and (iii) renouncement or resignation, the Share Value
Rights shall be canceled and terminated by operation of law.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the events of (i) dismissal without cause; (ii)
severance resulting from outsourced services, sale of subsidiary, affiliate company or business unit of the Company; and (iii) severance
after a beneficiary has cumulatively achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at
severance date), the following rules shall apply: (a) severance before the 5-year vesting period: - the Share Value Rights shall be canceled
and terminated by operation of law; and (b) severance between five and ten years of grant date anniversary: - the Share Value Rights shall
be settled on a pro rata bass according to a formula calculated based on the number of calendar months completed during the effectiveness
of his/her employment contract with the Company and the beneficiary or, as applicable, his/her term of office as manager of the Company
since the grant date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the events of (i) severance after a beneficiary
has cumulatively achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date); and
(ii) permanent disability, the Share Value Rights granted during the period starting on the grant date and ending on severance date shall
remain valid and their settlement shall comply with the vesting periods established in the relevant agreement, provided that receipt of
the corresponding bonus shall be contingent upon the beneficiary executing and performing a non-compete agreement with the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of death of the beneficiary, the Share
Value Rights shall be settled on a pro rata basis according to a formula calculated based on the number of calendar months completed during
the effectiveness of his/her employment contract with the Company and the beneficiary or, as applicable, his/her term of office as manager
of the Company since the grant date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Programs (Stock Plan)</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>- Program 2018.1, 2019.1, 2019.3 and 2020.1:</U></I>
For such programs, in the event the employment agreement or term of office of the participant terminates during the vesting period, for
any reason, except for the events described below, the participant will lose the right to receive said shares. In the event of termination
of the employment contract or term of office of the participant after 24 months as of grant date of the Restricted Shares, for any reason
other than (a) termination for cause or similar reason, renouncement or resignation or leave without pay for a period exceeding 24 months,
or (b) the events provided below: (i) the participant shall be entitled to receive the corresponding shares, on a pro rata basis corresponding
to the result of Restricted Shares owned by the participant on the severance date, multiplied by the complete calendar months of employment
or office by the period between the grant date and the relevant termination of the relation with the Company (which will always be inferior
to 60 months), divided by 60, it being certain that the Board of Directors may establish that the receipt be conditioned to the execution
and compliance with a non-compete agreement, by the participant, with the Company, under the terms established by the Board of Directors;
and (ii) the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except
for the events of dismissal for cause, in relation to the Restricted Shares that are not yet free to be delivered to the participant:
(i) if the severance occurred 24 months after the stock grant date and the participant has participated, upon the destination of its
net variable compensation (that is, total amount of the annual gratification, bonus or participation on the results, net of income tax
and other levied charges), of all stock option programs of the Company approved by the Board of Directors in which his/her name appeared
in the list of beneficiaries in the 5 years immediately prior to the severance date (or, in the event the participant has become eligible
to participate in such programs less than five years from the severance date, as many years as the years the participant has become eligible),
the participant shall be entitled to receive the Restricted Shares, under the terms of the program, on a pro rata basis corresponding
to the result of Restricted Shares owned by the participant on the severance date, multiplied by the complete calendar months of employment
or office by the period between the grant date and the relevant termination of the relation with the Company (which will always be inferior
to 60 months), divided by 60, it being certain that the Board of Directors may establish that the receipt be conditioned to the execution
and compliance with a non-compete agreement, by the participant, with the Company, under the terms established by the Board of Directors;
and (ii) if the severance occurred after 24 months subsequent to the grant date of shares, the participant shall be entitled to receive
the Restricted Shares, under the terms of the program, on a pro rata basis corresponding to the result of Restricted Shares owned by
the participant on the severance date, multiplied by the complete calendar months of employment or office by the period between the grant
date and the relevant termination of the relation with the Company (which will always be inferior to 60 months), divided by 60, it being
certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant, with
the Company, under the terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in
the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except
for the events of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being
certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant, with the
Company. In this case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant, with the Company. In case of death, all shares will be free and clear for sale at any moment. In case of
permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>- </U></I></B><I><U>Program 2018.3:</U></I>
For this program, in the event the employment agreement or term of office of the participant terminates during the vesting period, for
any reason, the participant will lose the right to receive said Restricted Shares, except for the events provided for as follows: In the
event of severance by direct termination without case, in relation to the Restricted Shares that are not yet free to be delivered to the
participant: (1) if (a) the severance has occurred before 24 months after granting, and (b) the participant has participated, through
the allocation of part or all of its net variable compensation (i.e., annual gratification, bonus or participation on the results, net
of income tax and other levied charges) of all the Company&rsquo;s stock option programs approved by the Company&rsquo;s Board of Directors
in which its name has been included in the list of beneficiaries in the 5 years immediately prior to its severance (or if the participant
has become eligible to participate in such programs for less than 5 years, as many years as the years the participant has become eligible),
the participant will receive Restricted Shares <I>pro rata</I> equivalent to the result of the Restricted Shares held by the participant
on the date of severance multiplied by the complete calendar months of employment or office by the period between the grant date and the
relevant termination of the relation with the Company (which will always be inferior to 60 months), divided by 60, it being certain that
the Board of Directors may establish that the receipt be conditioned to the execution and compliance with a non-compete agreement, by
the participant, with the Company, under the terms established by the Board of Directors, and (2) if the severance occurred 24 months
after the stock grant date, the participant will receive the Restricted Shares on a <I>pro rata</I> basis corresponding to the result
of Restricted Shares owned by the participant on the severance date, multiplied by the complete calendar months of employment or term
of office by the period between the grant date and the relevant termination of the relation with the Company (which will always be inferior
to 60 months), divided by 60, it being certain that the receipt will be conditioned to the execution and compliance with a non-compete
agreement, by the participant with the Company, under the terms established by the Board of Directors. In both cases, the restriction
on the sale of shares, set forth in the program, will remain in effect.</P>

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


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant with the Company. In case of death, all shares will be free and clear for sale at any moment. In case of
permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>- </U></I></B><I><U>Program 2018.4:</U></I>
For this program, in the event the employment agreement or term of office of the participant terminates during the vesting period, for
any reason, the participant will lose the right to receive said Restricted Shares, except for the events provided for as follows: (i)
severance (1) by direct termination without case, or (2) after a participant has cumulatively achieved 70 years (i.e. sum of his/her age
and the duration of his/her service with the Company at severance date): exception made for the events of dismissal for cause, in relation
to the Restricted Shares that are not yet free to be delivered to the participant: (i) if (a) the severance occurred within 24 months
after the granting and (b) the participant has participated, upon the destination of part or all its net variable compensation (i.e.,
annual gratification, bonus or participation on the results, net of income tax and other levied charges), of all stock option programs
of the Company approved by the Board of Directors in which his/her name appeared in the list of beneficiaries in the 5 years immediately
prior to the severance date (or, in the event the participant has become eligible to participate in such programs in less than five years
from the severance date, as many years as the years the participant has become eligible), the participant shall receive the Restricted
Shares on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the severance date, multiplied
by the number of complete calendar months of employment or term of office by the period between the grant date and the relevant termination
of the relation with the Company (which will always be less than 60 months), divided by 60, it being certain that the receipt will be
conditioned to the execution and compliance of a non-compete agreement by the participant with the Company, under the terms established
by the Board of Directors; and (ii) if the severance has occurred after 24 months from the shares grant date, the participant shall receive
the Restricted Shares on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the severance date,
multiplied by the number of complete calendar months of employment or term of office by the period between the grant date and the relevant
termination of the relationship with the Company (which will always be less than 60 months), divided by 60, it being certain that the
receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant with the Company, under the
terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in the program, will remain
in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except
for the events of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being
certain that that the receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant with
the Company. In this case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant with the Company. In case of death, all shares will be free and clear for sale at any moment. In case of
permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>- Program 2019.6:</U></I> For this program,
in the event the employment agreement or term of office of the participant terminates during the vesting period, for any reason, the
participant will lose the right to receive said Restricted Shares, except for the events provided for as follows: (i) severance by direct
termination without cause, in relation to the Restricted Shares that are not yet free to be delivered to the participant: (1) if (a)
the severance occurred within 24 months after the granting and (b) the participant has participated, upon the destination of part or
all its net variable compensation (i.e., annual gratification, bonus or profit sharing, net of income tax and other levied charges),
of all stock option programs of the Company approved by the Board of Directors in which his/her name appeared in the list of beneficiaries
in the 5 years immediately prior to the severance date (or, in the event the participant has become eligible to participate in such programs
less than five years from the severance date, as many years as the years the participant has become eligible), the participant shall
receive the Restricted Shares on a pro rata basis corresponding to the result of Restricted Shares owned by the participant on the severance
date, multiplied by the complete calendar months of employment or term of office by the period between the grant date and the relevant
termination of the relation with the Company (which will always be inferior to 60 months), divided by 60, it being certain that the Board
of Directors may establish that the receipt be conditioned to the execution and compliance with a non-compete agreement, by the participant,
with the Company, under the terms established by the Board of Directors; and (2) if the severance occured after 24 months subsequent
to the grant date of shares, the participant shall be entitled to receive the Restricted Shares and the additional shares, under the
terms of the program, on a pro rata basis corresponding to the result of Restricted Shares and additional shares owned by the participant
on the severance date, multiplied by the complete calendar months of employment or office by the period between the grant date and the
relevant termination of the relation with the Company (which will always be inferior to 60 months), divided by 60, it being certain that
the receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant with the Company, under
the terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in the program, will
remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death, the participant (or his heirs or
successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it being certain that
in the event of permanent disability, the receipt shall be conditioned to the lapse of the grace period and to the execution and compliance
with a non-compete agreement, by the participant with the Company. In case of death, all shares will be free and clear for sale at any
moment. In case of permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>- </U></I></B><I><U>Programs 2020.3A, 2020.8,
2021.7 and 2021.12:</U></I> For these programs, in the event the employment agreement or term of office of the participant terminates
during the vesting period, for any reason, the participant will lose the right to receive said Restricted Shares, except in the following
events: severance after a participant has cumulatively achieved 70 years (i.e., sum of his/her age and the duration of his/her service
to the Company at severance date): except for the events of dismissal for cause, in relation to the Restricted Shares that are not yet
free to be delivered to the participant: (i) if (a) the severance has occurred within 24 months after the grant, and (b) the participant
has participated, upon the destination of part or all of its net variable compensation (i.e., annual gratification, bonus or participation
on the results, net of income tax and other levied charges), of all stock option programs of the Company approved by the Board of Directors
in which his/her name appeared in the list of beneficiaries in the 5 years immediately prior to the severance date (or, in the event the
participant has become eligible to participate in such programs with less than five years from the severance date, as many years as the
years the participant has become eligible), the participant shall receive the Restricted Shares on a pro rata basis corresponding to the
result of Restricted Shares &ldquo;A&rdquo; owned by the participant on the severance date, multiplied by the number of complete calendar
months of employment or term of office by the period between the grant date and the relevant termination of the relationship with the
Company (which will always be less than 60 months), divided by 36, it being certain that the receipt be conditioned to the execution and
compliance with a non-compete agreement by the participant with the Company, under the terms established by the Board of Directors; and
(ii) if the severance occurs after 24 months subsequent to the shares&rsquo; grant date, the participant shall be entitled to receive
the Restricted Shares, on a pro rata basis corresponding to the result of Restricted Shares &ldquo;B&rdquo; owned by the participant on
the severance date, multiplied by the number of complete calendar months of employment or term of office by the period between the grant
date and the relevant termination of the relationship with the Company (which will always be less than 60 months), divided by 60, it being
certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant, with the
Company, under the terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in the
program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 80 years (i.e., sum of his/her age and the duration of his/her service to the Company at severance date), except
for the events of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being
certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant, with the
Company. In this case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death: the participant (or his heirs or
successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program and all shares will
be free and clear for sale at any moment. In case of permanent disability: the receipt shall be conditioned to the execution and compliance
with a non-compete agreement by the participant with the Company and the restriction on the sale of shares, set forth in the program,
will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B><I><U>- </U></I></B><I><U>Programs 2020.3B, 2021.9
and 2022.4:</U></I> For these programs, in the event the employment agreement or term of office of the participant terminates during the
vesting period, for any reason, the participant will lose the right to receive said Restricted Shares, except in the following events:
(i) severance after a participant has cumulatively achieved 70 years (i.e. sum of his/her age and the duration of his/her service with
the Company at severance date): except for the events of dismissal for cause, in relation to the Restricted Shares that are not yet free
to be delivered to the participant: (i) if (a) the severance occurred within 24 months after the grant and (b) the participant has participated,
upon the destination of part or all its net variable compensation (i.e., annual gratification, bonus or participation on the results,
net of income tax and other levied charges), of all stock option programs of the Company approved by the Board of Directors in which his/her
name appeared in the list of beneficiaries in the 5 years immediately prior to the severance date (or, in the event the participant has
become eligible to participate in such programs with less than five years from the severance date, as many years as the years the participant
has become eligible), the participant shall receive the Restricted Shares on a pro rata basis corresponding to the result of Restricted
Shares owned by the participant on the severance date, multiplied by the number of complete calendar months of employment or term of office
by the period between the grant date and the relevant termination of the relationship with the Company (which will always be less than
60 months), divided by 60, it being certain that the receipt will be conditioned to the execution and compliance with a non-compete agreement
by the participant with the Company, under the terms established by the Board of Directors; and (ii) if the severance occurs after 24
months subsequent to the grant date of shares, the participant shall be entitled to receive the Restricted Shares on a pro rata basis
corresponding to the result of Restricted Shares owned by the participant on the severance date, multiplied by the number of complete
calendar months of employment or term of office by the period between the grant date and the relevant termination of the relationship
with the Company (which will always be less than 60 months), divided by 60, it being certain that the receipt shall be conditioned to
the execution and compliance with a non-compete agreement by the participant with the Company, under the terms established by the Board
of Directors. In both cases, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 80 years (i.e., sum of his/her age and the duration of his/her service with the Company at severance date), except
for the events of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being
certain that that the receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant with
the Company. In this case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death, the participant (or his heirs or
successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program and all shares will
be free and clear for sale at any moment. In case of permanent disability, the receipt shall be conditioned to the execution and compliance
with a non-compete agreement by the participant with the Company and the restriction on the sale of shares, set forth in the program,
will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>- Program 2020.5:</U></I> For this program,
in the event the employment agreement or term of office of the participant terminates during the vesting period, for any reason, the participant
will lose the right to receive said Restricted Shares, except in the case of death, in which the participant (or his heirs or successors)
will immediately receive the Restricted Shares that are not yet free to be delivered under the program and all shares will be free and
clear for sale at any moment. In case of permanent disability, the receipt shall be conditioned to the execution and compliance with a
non-compete agreement by the participant with the Company and the restriction on the sale of shares, set forth in the program, will remain
in effect.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>- Programs 2021.2 and 2022.1:</U></I> For such
programs, in the event the employment agreement or term of office of the participant terminates during the vesting period, for any reason,
except for the events described below, the participant will lose the right to receive said shares. In the event of severance after a
participant has cumulatively achieved 70 years (i.e., sum of his/her age and the duration of his/her service to the Company at severance
date): except for the events of dismissal for cause, in relation to the Restricted Shares that are not yet free to be delivered to the
participant: (i) if (a) the severance has occurred within 24 months after the grant, and (b) the participant has participated, upon the
destination of part or all of its net variable compensation (i.e., annual gratification, bonus or participation on the results, net of
income tax and other levied charges), of all stock option programs of the Company approved by the Board of Directors in which his/her
name appeared in the list of beneficiaries in the 5 years immediately prior to the severance date (or, in the event the participant has
become eligible to participate in such programs with less than five years from the severance date, as many years as the years the participant
has become eligible), the participant shall receive the Restricted Shares on a pro rata basis corresponding to the result of Restricted
Shares &ldquo;A&rdquo; owned by the participant on the severance date, multiplied by the number of complete calendar months of employment
or term of office by the period between the grant date and the relevant termination of the relationship with the Company (which will
always be less than 60 months), divided by 36, it being certain that the receipt be conditioned to the execution and compliance with
a non-compete agreement by the participant with the Company, under the terms established by the Board of Directors; and (ii) if the severance
occurs after 24 months subsequent to the shares&rsquo; grant date, the participant shall be entitled to receive the Restricted Shares,
on a pro rata basis corresponding to the result of Restricted Shares &ldquo;B&rdquo; owned by the participant on the severance date,
multiplied by the number of complete calendar months of employment or term of office by the period between the grant date and the relevant
termination of the relationship with the Company (which will always be less than 60 months), divided by 60, it being certain that the
receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant, with the Company, under
the terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in the program, will
remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of termination of the employment contract
or term of office of the participant after 24 months as of grant date of the Restricted Shares, for any reason other than (a) termination
for resignation, for cause or similar reason, or (b) the events provided above, the participant shall be entitled to receive the corresponding
shares, on a pro rata basis corresponding to the result of Restricted Shares &ldquo;A&rdquo; and/or Restricted Shares &ldquo;B&rdquo;
owned by the participant on the severance date, multiplied by the same formula set forth above for the hypothesis of severance after the
cumulatively achievement of 70 years by the participant (i.e. number of completed calendar months on the job or in office multiplied by
the period between the grant date and the relevant termination of the relationship with the Company, divided by 36 or 60, as applicable),
it being certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement by the participant,
with the Company, under the terms established by the Board of Directors and that the restriction on the sale of shares, set forth in the
program, will remain in effect in both cases.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except
for the events of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being
certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant, with the
Company. In this case, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant, with the Company. In case of death, all shares will be free and clear for sale at any moment. In case of
permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- <I>Programs 2022.2, 2022.8 and 2023.1</I>: For such
programs, in the event the employment agreement or term of office of the participant terminates before the expiration of the vesting period,
for any reason, except for the events described below, the participant will lose the right to receive said shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing and exception made to
events of voluntary dismissal or dismissal for cause, if the severance occurs due to an involuntary dismissal without cause after 24 months
after granting, the participant will receive Restricted Shares <I>pro rata</I> equivalent to the result of the Restricted Shares owned
by the participant on the date of severance multiplied by the complete calendar months of employment or office by the period between the
grant date and the relevant termination of the relation with the Company (which will always be equal to or less than 36 months), divided
by 36, it being certain that the receipt shall be conditioned to the execution
and compliance with a non-compete agreement, by the participant, with the Company, under the terms established by the Board of Directors.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except
for the events of dismissal for cause, in relation to the Restricted Shares that are not yet free to be delivered to the participant:
(i) if (a) the severance occurs before 24 months after granting, and (b) the participant has participated, through the allocation of part
or all of its net variable compensation (i.e., annual gratification, bonus or profit sharing, net of income tax and other levied charges)
of all the Company&rsquo;s stock option programs approved by the Company&rsquo;s Board of Directors in which its name has been included
in the list of beneficiaries in the 5 years immediately prior to its severance (or if the participant has become eligible to participate
in such programs for less than 5 years, as many years as the years the participant has become eligible), the participant will receive
Restricted Shares <I>pro rata</I> equivalent to the result of the Restricted Shares owned by the participant on the date of severance
multiplied by the complete calendar months of employment or office by the period between the grant date and the relevant termination of
the relation with the Company (which will always be equal to or less than 36 months), divided by 36, it being certain that the receipt
shall be conditioned to the execution and compliance with a non-compete agreement, by the participant, with the Company, under the terms
established by the Board of Directors, and (ii) if the severance occurs 24 months after the grant date, the participant will receive the
Restricted Shares on a <I>pro rata</I> basis corresponding to the result of Restricted Shares owned by the participant on the severance
date, multiplied by the complete calendar months of employment or term of office by the period between the grant date and the relevant
termination of the relation with the Company (which will always be equal to or less than 36 months), divided by 36, it being certain that
the receipt will be conditioned to the execution and compliance with a non-compete agreement, by the participant with the Company, under
the terms established by the Board of Directors. In both cases, the restriction on the sale of shares, set forth in the program, as applicable,
will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except
for the events of dismissal for cause, the participant will receive the Restricted Shares that are not yet free to delivery, it being
certain that the receipt shall be conditioned to the execution and compliance with a non-compete agreement, by the participant, with the
Company, under the terms established by the Board of Directors. In this case, the restriction on the sale of shares, set forth in the
program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant, with the Company. In case of death, all shares will be free and clear for sale at any moment. In case of
permanent disability, the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- <I>Programs 2022.3 and 2022.9</I>: For such programs,
in the event the employment agreement or term of office of the participant terminates before the expiration of the vesting period, for
any reason, except for the events described below, the participant will lose the right to receive the Performance Shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing and exception made to
events of voluntary dismissal or dismissal for cause, if the severance occurs due to an involuntary dismissal without cause after 24 months
after granting, the participant will receive Performance Shares <I>pro rata</I> equivalent to the result of the Performance Shares owned
by the participant on the date of severance multiplied by the complete calendar months of employment or office by the period between the
grant date and the relevant termination of the relation with the Company (which will always be equal to or less than 36 months), divided
by 36, it being certain that the receipt of the Performance Shares shall be conditioned to: (1) the execution and compliance with a non-compete
agreement, by the participant, with the Company, under the terms established by the Board of Directors; and (2) the achievement of the
performance criteria established in the respective programs.</P>

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

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 70 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date) and except
for the events of dismissal for cause: (i) if (a) the severance occurs before 24 months after granting, and (b) the participant has participated,
through the allocation of part or all of its net variable compensation (i.e., annual gratification, bonus or profit sharing, net of income
tax and other levied charges) <FONT STYLE="font-size: 10pt">of all the Company&rsquo;s stock option programs approved by the Board of
Directors in which its name has been included in the list of beneficiaries in the 5 years immediately prior to its severance (or if the
participant has become eligible to participate in such programs for less than 5 years, as many years as the years the participant has
become eligible), the participant will receive Performance Shares <I>pro rata</I> equivalent to the result of the Performance Shares
owned by the participant on the date of severance multiplied by the complete calendar months of employment or office by the period between
the grant date and the relevant termination of the relation with the Company (which will always be equal to or less than 36 months),
divided by 36, it being certain that the receipt of the Performance Shares shall be conditioned to: (1) the execution and compliance
with a non-compete agreement, by the participant, with the Company, under the terms established by the Board of Directors; and (2) the
achievement of the performance criteria established in the respective programs; and (ii) if the severance occurs after 24 months after
the grant date, the participant will receive the Performance Shares <I>pro rata</I> equivalent to the result of Performance Shares owned
by the participant on the severance date, multiplied by the complete calendar months of employment or term of office by the period between
the grant date and the relevant termination of the relation with the Company (which will always be equal to or less than 36 months),
divided by 36, it being certain that the receipt will be conditioned to: (1) the execution and compliance with a non-compete agreement,
by the participant with the Company, under the terms established by the Board of Directors; and (2) the achievement of the performance
criteria established in the respective programs.</FONT></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the event of severance after a participant has
cumulatively achieved 80 years (i.e. sum of his/her age and the duration of his/her service with the Company at severance date), except
for the events of dismissal for cause, the participant will retain the right to receive the Performance Shares, it being certain that
the receipt shall be conditioned to: (1) the execution and compliance with a non-compete agreement, by the participant, with the Company,
under the terms established by the Board of Directors; and (2) the achievement of the performance criteria established in the respective
programs.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will retain the right to receive the Performance Shares, provided that the performance criteria established
in the programs are met, it being certain that in the event of permanent disability, the receipt shall be conditioned to the execution
and compliance with a non-compete agreement, by the participant, with the Company.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">- <I>Program 2022.10</I>: For such programs, in the
event the employment agreement or term of office of the participant terminates before the expiration of the vesting period, for any reason,
except for the events described below, the participant will lose the right to receive said shares.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notwithstanding the foregoing and exception made to
events of voluntary dismissal or dismissal for cause, if the severance occurs due to an involuntary dismissal without cause after 24 months
after granting, the participant will receive Restricted Shares <I>pro rata</I> equivalent to the result of the Restricted Shares owned
by the participant on the date of severance multiplied by the complete calendar months of employment or office by the period between the
grant date and the relevant termination of the relation with the Company (which will always be equal to or less than 60 months), divided
by 60, it being certain that the restriction on the sale of shares, set forth in the program, will remain in effect.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In case of death or permanent disability, the participant
(or his heirs or successors) will immediately receive the Restricted Shares that are not yet free to be delivered under the program, it
being certain that in the event of permanent disability, the receipt shall be conditioned to the execution and compliance with a non-compete
agreement, by the participant, with the Company. In case of permanent disability, the restriction on the sale of shares, set forth in
the program, will remain in effect.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.5 - Regarding the share-based compensation in
the form of stock options recognized in income for the past three fiscal years and that expected for the current fiscal year of the board
of directors and the board of officers:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I><U>(i) Amounts originated from the accounting effects
provided for in CPC 10 &ndash; Share-Based Payment</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Share-based compensation estimated for the current
fiscal year of 2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 64%; border: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>10.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price of each of the following groups of options:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(a) Options outstanding in the beginning of fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">18.04</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">17.72</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(b) Options lost and expired during the fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(c) Options exercised during the fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>Fair value of the options on the date of each grant</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.150.856</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>16.335.243</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>Potential dilution in case of exercise of all outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.0147%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.0229%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><I>The dilution estimate presented above considers the shareholding position
on 12/31/2022.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Share-based compensation &ndash; fiscal year ended
on 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 64%; border: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>7.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>10.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price of each of the following groups of options:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(a) Options outstanding in the beginning of fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">17.80</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">18.01</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(b) Options lost and expired during the fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">17.20</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">17.48</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(c) Options exercised during the fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>Fair value of the options on the date of each grant</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.530.869</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>24.113.613</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>Potential dilution in case of exercise of all outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.0179%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.0302%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Share-based compensation &ndash; fiscal year ended
on 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 64%; border: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>7.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price of each of the following groups of options:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(a) Options outstanding in the beginning of fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">17.26</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">17.75</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(b) Options lost and expired during the fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">8.15</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">11.97</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(c) Options exercised during the fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">11.97</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">11.97</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>Fair value of the options on the date of each grant</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>16.250.753</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>29.990.727</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>Potential dilution in case of exercise of all outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.0329%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.0512%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Share-based compensation &ndash; fiscal year ended
on 12/31/2020</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 64%; border: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.77</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>10.00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price of each of the following groups of options:</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(a) Options outstanding in the beginning of fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">15.53</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">16.97</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(b) Options lost and expired during the fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">0.00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">0.00</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt">(c) Options exercised during the fiscal year</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">2.13</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt">6.61</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>Fair value of the options on the date of each grant</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>21.857.551</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>35.440.457</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-size: 8pt"><B>Potential dilution in case of exercise of all outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.0394%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0.0535%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 22.5pt; text-align: justify; text-indent: -22.5pt"><B>8.6 - Regarding
each grant of stock options carried out in the past three fiscal years and expected for the current fiscal year of the board of directors
and the board of officers:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">The Company did not offer new grants of stock options that have been recognized
    in the results of the last 3 fiscal years pursuant to CPC 10 &ndash; Share-Based Payment and does not foresee grants under these terms
    for the current fiscal year</P>
    <P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.7 - Regarding the outstanding options of the
Board of Directors and the Board of Officers at the end of the past fiscal year:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="width: 38%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>12/31/2022</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Part I</B></P></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Director</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 8%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Total number of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/19/2013</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/22/2014</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2015</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Options not qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Date on which they may be exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/19/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/22/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2020</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Options qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">653,871</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">238,403</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">212,257</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">830,670</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">358,595</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">265,791</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">523,535</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/19/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/22/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2025</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">17.56</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">17.56</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">16.70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">16.85</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">16.85</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">16.85</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">18.64</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0.67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0.67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">0.91</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1.62</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1.62</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1.94</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1.67</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of the total of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">436,114</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">159,008</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">193,824</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,347,538</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">581,724</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">516,283</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">876,008</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

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

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


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="width: 34%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12/31/2022<BR>
Part II</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9D9D9; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Total number of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/12/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/22/2016</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2017</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Options not qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Date on which they may be exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/22/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/22/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2022</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/22</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Options qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">392,740</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">369,488</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">554,550</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">774,200</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">146,113</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">498,976</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,151,238</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/22/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/22/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/27</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">18.64</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">18.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">17.15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">17.15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">16.34</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">20.56</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">20.56</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1.67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1.85</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.45</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.45</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.03</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.03</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of the total of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">657,154</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">683,304</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,358,160</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,896,109</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">394,972</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,011,671</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2,334,128</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify"><B>&nbsp;</B></P>


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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 40%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12/31/2022<BR>
Part III (final)</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Total number of members</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">10</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Grant Date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">02/22/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">02/21/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2019</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2019</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Options not qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">229,367</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">904,931</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,072,162</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">347,315</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1,177,659</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2,183,861</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Date on which they may be exercised</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">02/22/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/03/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">02/21/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2024</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">02/22/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/03/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">02/21/2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">12/02/2029</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">N/A</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">22.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">16.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">16.92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">18.15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">18.05</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">18.05</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">1.85</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.45</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.45</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2.60</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt"><B>Options qualified for exercise </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Number of Options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Maximum term for exercise</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Lock-up Period</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Weighted average exercise price</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-size: 8pt">Fair value of the total of options on the last day of the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">424,175</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2,216,285</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">2,625,854</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">938,859</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">3,063,398</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-size: 8pt">5,680,792</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><I>(1) Whenever necessary, the number of options granted and fair value
were adjusted to reflect all stock splits that took place within the relevant period.</I></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><I>(2) According to the accounting method of predecessor cost adopted by
the Company, data related to periods before 2014 relates to Companhia de Bebidas das Am&eacute;ricas &ndash; Ambev historical information.</I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.8 - Regarding the options exercised relating
to the share-based compensation of the board of directors and the board of officers, in the past three fiscal years:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exercised options related to the share-based compensation
- Fiscal year ended on 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Weighted average exercise price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 0.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Weighted average market price of the shares relating to the options exercised (C)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 0.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Multiplying the total number of options exercised by the difference between the weighted average exercise price and the weighted average market price of the shares relating to the options exercised [A x (C-B)]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 0.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 0.00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exercised options related to the share-based compensation
- Fiscal year ended on 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">3.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">9.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">532,405</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">226,715</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Weighted average exercise price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 11.97</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 11.97</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Weighted average market price of the shares relating to the options exercised (C)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 19.37</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 16.98</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Multiplying the total number of options exercised by the difference between the weighted average exercise price and the weighted average market price of the shares relating to the options exercised [A x (C-B)]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 3,938,732</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 1,135,063</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Exercised options related to the share-based compensation
- Fiscal year ended on 12/31/2020</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 50%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 26%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.77</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>3.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>9.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">910,900</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">241,725</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Weighted average exercise price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 2.13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 6.61</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Weighted average market price of the shares relating to the options exercised (C)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 18.79</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 13.14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Multiplying the total number of options exercised by the difference between the weighted average exercise price and the weighted average market price of the shares relating to the options exercised [A x (C-B)]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 15,168,174</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 1,577,049</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in"><B>8.9 - Regarding the share-based
compensation, in the form of shares to be delivered directly to the beneficiaries, recognized in income of the past three fiscal years
and that expected for the current fiscal year, of the board of directors and the board of officers:</B></P>

<P STYLE="font: 11pt Segoe UI; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I><U>(i) Amounts originated from the accounting effects
provided for in CPC 10 &ndash; Share-Based Payment</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share-based compensation, in the form of shares to be delivered directly
to the beneficiaries &ndash;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Current fiscal year (2023)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Potential dilution in case of granting of all shares to the beneficiaries</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.0212%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.1536%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><I>The dilution estimate presented above considers the shareholding position
and market value of the Company&rsquo;s shares on 12/31/2022 as a basis.</I></P>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share-based compensation, in the form of shares to be delivered directly
to the beneficiaries &ndash;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Fiscal year ended on 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Potential dilution in case of granting of all shares to the beneficiaries</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.0177%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.1119%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share-based compensation, in the form of shares to be delivered directly
to the beneficiaries &ndash;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Fiscal year ended on 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Potential dilution in case of granting of all shares to the beneficiaries</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.0096%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.0583%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Share-based compensation, in the form of shares to be delivered directly
to the beneficiaries &ndash;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Fiscal year ended on 12/31/2020</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11.77</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11.77</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Potential dilution in case of granting of all shares to the beneficiaries</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.0072%</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0.0475%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>8.10 - Regarding each grant of shares carried out in the past three
fiscal years and expected for the current fiscal year of the board of directors and the board of officers:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I><U>(i) Amounts originated from the accounting effects
provided for in CPC 10 &ndash; Share-Based Payment</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Grants of shares expected for the current fiscal year (2023)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Grant date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2023</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2023</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2023</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2023</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of shares granted (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">549,506</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6,665,776</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Maximum period for delivery of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2026</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2028</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2026</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2026</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Restriction period for the transfer of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2026</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2028</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2026</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2026</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Fair value of shares on the grant date (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.52</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Multiplying the number of shares granted by the fair value of the shares on the grant date (A x B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7.978.834</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">96.787.068</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><I>The information above is based on the best estimate of the Company</I>&rsquo;<I>s
Management considering the fiscal year ended in 2022. In addition, the shares fair value considers the market value of the Company</I>&rsquo;<I>s
shares in 12/31/2022. </I></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Grants of shares for the fiscal year ended on 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Grant date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2022</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2022</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2022</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2022</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">02/14/2022</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of shares granted (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,276,530</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8,578,825</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Maximum period for delivery of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2027</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2027</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2027</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2027</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Restriction period for the transfer of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2027</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/01/2027</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2027</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2027</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Fair value of shares on the grant date (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">15.52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">15.70</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Multiplying the number of shares granted by the fair value of the shares on the grant date (A x B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">19,818,124</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">134,725,521</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Grants of shares for the fiscal year ended on 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Grant date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2021</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/13/2021</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of shares granted (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">369,980</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,313,013</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Maximum period for delivery of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2024</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/13/2024</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2026</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/13/2026</P></TD></TR>

<TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; width: 56%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Restriction period for the transfer of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 22%; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 22%; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2024</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/13/2024</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2026</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/13/2026</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Fair value of shares on the grant date (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">16.06</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">16.02</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Multiplying the number of shares granted by the fair value of the shares on the grant date (A x B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,941,879</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">21,040,568</FONT></TD></TR>
  </TABLE>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Grants of shares for the fiscal year ended on 12/31/2020</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11.77</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11.77</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Grant date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2020</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/30/2020</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2020</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2020</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of shares granted (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">398,114</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2,879,296</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Maximum period for delivery of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2023</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2023</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/30/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2025</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Restriction period for the transfer of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/01/2025</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2023</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2023</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">03/30/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/01/2025</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">12/14/2025</P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Fair value of shares on the grant date (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.98</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.93</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Multiplying the number of shares granted by the fair value of the shares on the grant date (A x B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,565,634</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">42,996,410</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>8.11 - Regarding the shares delivered relating to the share-based compensation
of the Board of Directors and the Board of Officers, in the past three fiscal years:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Shares delivered relating to the share-based compensation for the fiscal
year ended on 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11,872</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Weighted average acquisition price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">17.21</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Weighted average market price of the shares acquired (C)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">15.26</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt"><B>Multiplying the total number of shares acquired by the difference between the weighted average acquisition price and the weighted average market price of the shares acquired [A x (C-B)]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(23,150)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Shares delivered relating to the share-based compensation for the fiscal
year ended on 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>3.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>9.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">209,855</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">300,915</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Weighted average acquisition price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">18.25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">18.25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Weighted average market price of the shares acquired (C)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">15.31</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">15.31</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Multiplying the total number of shares acquired by the difference between the weighted average acquisition price and the weighted average market price of the shares acquired [A x (C-B)]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(654,748)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(938,855)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 12pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Shares delivered relating to the share-based compensation for the fiscal
year ended on 12/31/2020</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>13.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>11.77</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>3.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>9.00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">111,140</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">78,512</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Weighted average acquisition price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">18.43</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">18.43</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Weighted average market price of the shares acquired (C)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.60</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt"><FONT STYLE="font-size: 8pt"><B>Multiplying the total number of shares acquired by the difference between the weighted average acquisition price and the weighted average market price of the shares acquired [A x (C-B)]</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(647,946)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">(457,725)</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>8.12 - Summary description of the information necessary for understanding
the data disclosed in items 8.5 to 8.11, such as the explanation of the method of pricing the value of shares and options, appointing:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(a) Pricing model</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The fair value of the options granted under the Option
Plan is determined based on Hull Binomial Pricing Model. The model is based on the assumption that the price of a share in the future
periods may follow two possible ways: one upward and another downward. Then, a binomial tree is built in relation to the share price.
The upward and downward factors are determined based on volatility of the share and the time frame between the steps of the tree. The
trajectories for share price are determined until maturity. In parallel, a tree is also constructed to represent the option value per
period. The option value is determined backwards, starting from the expiration of the vesting period. In the final period, the holder
of the option shall decide whether to exercise the option or not.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the case of Share Value Rights, at the end of the
vesting period of each lot, the number of Share Value Rights shall be converted into an amount equal to the closing price of shares or
ADRs issued by the Company and traded at B3 or NYSE, respectively, on the trading session immediately before such term, it being certain
that each Share Value Rights shall correspond to one share or ADR, as applicable. There is no exercise price for the Share Value Rights,
which represent only an obligation of the Company to pay to the beneficiary, on the date of the expiration of the vesting periods, the
amount equivalent to the market price of Company&rsquo;s shares traded on B3 or ADRs traded on the NYSE, with no disbursement by the beneficiary.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For grants of deferred shares and grants under the
Stock Plan, the fair value corresponds to the closing price of shares or ADR traded at B3 or NYSE, as the case may be, on the day immediately
before its grant date, and a discount may be applied under certain conditions as provided in each program. For the programs under the
Stock Plan, the shares will be granted free of charge after the three or five-year grace period and provided that the participant maintains
the employment and/or statutory relationship with the Company until the end of such term, observing the other terms of the Stock Plan
and of each program. For specific information about such programs, refer to item 8.4.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(b) Data and assumptions used in the pricing model,
including the weighted average price of shares, the exercise price, the expected volatility, the duration of the option, expected dividends
and risk-free interest rate</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Calculation date</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">According to Technical Pronouncement CPC 10 &ndash;
Share-Based Payment, options must be assessed on the date of their respective grant.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Weighted average price of shares</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The price of the shares of the Company taken as basis
to calculate the value of the respective options is their Market Value, as defined below.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Exercise price</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>- Programs from 2008 to 2010</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Lot A and lot C options (as specified in such programs)
must be exercised for an exercise price corresponding to the average closing prices of shares traded at B3 over a 30-day window before
grant date, or, in specific cases (<I>e.g.</I>, to employees of subsidiaries of the Company headquartered abroad), the average closing
price of ADRs traded at NYSE in the period (&ldquo;<U>Market Value</U>&rdquo;) under any specific provisions set forth in the Program.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the options belonging to lot B, the exercise price
is the Market Value, applying a 10% discount.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In the case of the supplementary options set forth
in said programs as belonging to lot C, the amounts corresponding to dividends and interest on own capital effectively paid out by the
Company on the underlying shares during the period between grant
date and exercise date is deducted from the exercise price.</P>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>- Programs from 2010 to 2021</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The exercise price of each option granted under the
Option Plan corresponds to the closing price, in Brazilian <I>Reais</I>, of the Company&rsquo;s shares traded on B3 in the trading session
immediately prior to the grant date.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Expected volatility</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The options&rsquo; expected volatility is based on
historical volatility calculated since March 29, 2004. Based on the Hull Binomial Model, it is assumed that all employees would exercise
their options immediately if the price of the shares of the Company would reach 2.5 times the exercise price. The Company does not use
the sliding window method, in which volatility estimate is fixed length &ldquo;m&rdquo; (i.e., for each daily update information from
the previous day is aggregated and the information of m+1 days ago is disregarded). To calculate the expected volatility, the Company
used the daily stock returns of the Company. For every daily update of the calculation, information concerning that day is added to the
base and no information is disregarded. Therefore, the base has mobile extension beginning on March 29, 2004 until the date of calculation.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Duration of options</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>- Programs from 2008 to 2010</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">According to the option granting model used by the
Company, the options belonging to the lots A and B must be immediately exercised, since they have a duration equal to zero. The supplementary
options belonging to the lot c, in turn, have a total duration of ten years, considering a five-year vesting period and a five-year exercise
period.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>- Programs from 2010 to 2019</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Under the Option Plan, the
options have a grace period of five years from the date of grant, and the beneficiary may exercise them within five years after the grace
period ends, upon payment of the exercise price until five business days from the exercise date, for the delivery of the shares to be
carried out, therefore, having a term of up to ten years.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Expected dividends (dividends distribution rate)</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The dividends distribution rate represents the ratio
between the dividend per share paid out over a certain period and the price of share in the market. The Company&rsquo;s dividend distribution
rate of 5% was calculated based on its history of dividends distribution and payment of interest on own capital.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">However, in cases in which the options granted are
protected in terms of dividends (programs prior to 2010), meaning that the amounts paid out as dividends and interest on own capital are
deducted from their exercise price, the Company&rsquo;s dividends distribution rate is zero for purposes of calculating the fair value
of the options.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I><U>Risk-free interest rate</U></I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The risk-free interest rates were obtained based on
the closing price of the futures contract DI1 (Future of Average Rate of One-Day Interbank Deposits) disclosed by B3 on the respective
grant dates for similar maturity.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For illustrative purposes, the data explained in this
item &ldquo;b&rdquo; was the following for the options granted in the fiscal years of 2019, which was last fiscal year in which the Company
granted stock options of shares considering the CPC-10 &ndash; <I>Share-Based Payment </I>and aligned with the methodology described in
this item:</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>OPTION PRICING MODEL</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9D9D9">
    <TD STYLE="white-space: nowrap; width: 61%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Assumptions</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 39%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2019</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Pricing Model</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Hull Binomial</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Fair value of options granted</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">4.50</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Share price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">17.66</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Exercise price</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">17.66</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Expected volatility</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">23.8%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Vesting (years)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Expected dividends</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Risk-free interest rate</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7.8%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Information based on the weighted average of the
programs granted, exception made to the estimate on dividends and risk-free interest rate. The percentages include the stock options and
ADRs granted during the fiscal year, whereas ADRs are denominated in US Dollars. </I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(c) Method used and assumptions made to incorporate
the expected effects of early exercise of options</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Based on the Hull Binomial Model used by the Company,
the immediate exercise of all options granted is assumed if the price of the shares issued by the Company reaches 2.5 times the exercise
price. The premise for the period in which the option will be exercised after the expiration of the grace period is related to the behavior
of the beneficiaries of the options, which differs from individual to individual. Despite the measurement of past behavior of the beneficiaries
to estimate future behavior, in general, prove to be more appropriate, the Option Plan underwent significant changes, especially in relation
to the protection of dividends, capable to influence the decision on the exercise of the option. Accordingly, the Company chose to use
as a premise the average result of two studies cited by Hull himself, and carried out by Huddart Lang and Carpenter, the conclusion of
which established that the exercise of options in a compensation program would occur when the price of the stock issued by the Company
reached 2.8 and 2.2 times the exercise price, respectively.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(d) How the expected volatility is determined</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For the 2009 option programs, the expected volatility
(approved by Companhia de Bebidas das Am&eacute;ricas &ndash; Ambev and received by the Company) is based on historical data of the last
252 days. As of the 2010 option programs, the expected volatility is measured since March 2004. As explained in item &ldquo;c&rdquo; above,
the Hull Binomial Model, adopted by the Company, assumes that all employees would exercise their options immediately if the price of the
shares issued by the Company reached 2.5 times the exercise price.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(e) Has any other characteristic of the option
been incorporated to the determination of its fair value</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Other characteristics were not incorporated in the
measurement of the fair value of the options.</P>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.13 - Inform the number of shares, quotas and
other securities convertible into shares or quotas, issued, in Brazil or abroad, by the issuer, its direct or indirect controlling shareholders,
controlled companies or companies under common control, which are held by members of the board of directors, board of officers or fiscal
council, grouped by body</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Instruments issued by Ambev &ndash; 12/31/2022</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 27%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. Shares and ADRs</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Deferred Shares</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. Options</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11,955,901</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2,782,605</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,373,559</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">20,112,065</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2,560,879</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">17,377,094</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7,512,163</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">27,450,136</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14,516,780</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>20,159,699</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>12,885,722</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>47,562,201</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Instruments issued by ABI &ndash; 12/31/2022</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. Shares and ADRs</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Deferred Shares</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. Options</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,628,162</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">3,024,686</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">9,073,418</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">17,726,266</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,913,853</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">836,536</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5,440,282</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8,190,671</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>7,542,015</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>3,861,223</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>14,513,700</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>25,916,938</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>8.14 - Regarding the pension plans in force granted to the members of
the board of directors and board of officers, provide the following information:</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 30%; border: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Retirement Benefits</B></FONT></TD>
    <TD STYLE="width: 37%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt">No. of members </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt">No. of members receiving compensation </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">9.00</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt">Name of the plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Defined Contribution</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Defined Contribution</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt">Number of managers that are eligible to retire </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt">Conditions to early retirement </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">53 years of age and 11 years of plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">53 years of age and 11 years of plan</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt">Updated number of contributions accrued until the end of the last fiscal year, after deducting the amounts corresponding to contributions made directly by the managers </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 20,167,733</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 7,635,635</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt">Total amount of contributions made during the last fiscal year, after deducting the amounts corresponding to contributions made directly by the managers </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 1,941,823</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">R$ 1,027,315</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 5.4pt"><FONT STYLE="font-size: 8pt">Is there a possibility of early redemption and what are the conditions? </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">Yes, in the event of termination of employment contract with the Company and provided that participant is neither eligible to a retirement benefit under the Plan, nor elects the pro rata deferred benefit, the portability or self-sponsorship. The amount redeemed shall correspond to the contributions made by the participant him/herself.</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 5.4pt; text-align: justify"><FONT STYLE="font-size: 8pt">Yes, in the event of termination of employment contract with the Company and provided that participant is neither eligible to a retirement benefit under the Plan, nor elects the pro rata deferred benefit, the portability or self-sponsorship. The amount redeemed shall correspond to the contributions made by the participant him/herself.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.15 - Indicate in the tables below, regarding
the board of directors, the board of officers and the fiscal council, for the past three fiscal years, the following:</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>12/31/2022</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 17%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Highest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Lowest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Average Individual Compensation (Total compensation of the body divided by the number of members)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14,155,409</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">679,357</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2,855,532</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">443,668</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">221,834</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">332,751</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">14.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">25,226,847</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">3,489,535</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6,809,657</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>12/31/2021</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 16%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Highest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Lowest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Average Individual Compensation (Total compensation of the body divided by the number of members)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8.50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12,864,644.05</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">601,785.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">3,010,756.82</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">482,168.64</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">241,084.32</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">301,355.40</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">23,713,425.41</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2.722.453,47</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6,435,739.15</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>12/31/2020</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 16%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Highest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Lowest Individual Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Average Individual Compensation</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(Total compensation of the body divided by the number
    of members)</B></P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">13.00 </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8.67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">7,895,479.83</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">298,612.80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,481,286.25</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">457,771.49</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">228,885.74</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">343,328.67</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11.77</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11.77</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">16,545,146.98</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,663,351.57</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">4,738,619.10</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Notes:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 12%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 88%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 5.2pt; text-indent: -4.5pt">- The average compensation of the Board of
    Officers presented in this item is calculated considering the number of members of the Board of Officers (14.00 members) that receive
    compensation from the Company for their services.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- Includes share-based compensation of the Company and of the Controlling
    Company.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 5.2pt; text-indent: -4.5pt">- The average compensation of the Board of
    Officers presented in this item is calculated considering the number of members of the Board of Officers (13.00 members) that receive
    compensation from the Company for their services.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- Includes share-based compensation of the Company and of the Controlling
    Company.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 0 5.2pt; text-indent: -4.5pt">- The average compensation of the Board of
    Officers presented in this item is calculated considering the number of members of the Board of Officers (11.77 members) that receive
    compensation from the Company for their services.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- Includes share-based compensation of the Company and of the Controlling
    Company.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9D9D9">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><BR STYLE="clear: both">
</FONT><FONT STYLE="font-size: 8pt"><B>Board of Directors</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 80%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The average compensation of the Board of Directors presented in this item
    is calculated considering the number of members of the Board of Directors (8.00 members) that receive compensation from the Company for
    their services.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- Includes share-based compensation of the Company and of the Controlling
    Company.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>

<TR>
    <TD STYLE="border-right: Black 1pt solid; width: 20%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; width: 80%; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The average compensation of the Board of Directors presented in this item
    is calculated considering the number of members of the Board of Directors (8.5 members) that receive compensation from the Company for
    their services.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- Includes share-based compensation of the Company and of the Controlling
    Company.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The average compensation of the Board of Directors presented in this item
    is calculated considering the number of members of the Board of Directors (8,67 members) that receive compensation from the Company for
    their services.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- Includes share-based compensation of the Company and of the Controlling
    Company.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #BFBFBF">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 19%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2022</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 81%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- It was considered the 3 full members and the 3 alternate members of the
    Fiscal Council.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2021</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- It was considered the 3 full members and the 3 alternate members of the
    Fiscal Council.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">12/31/2020</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- It was considered the 3 full members and the 3 alternate members of the
    Fiscal Council.</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0">- The member that received the highest individual compensation worked for
    12 months.</P></TD></TR>
  </TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.16 - Describe contractual arrangements, insurance
policies or other instruments that structure compensation or indemnification mechanisms for the management in the event of dismissal from
their job or retirement, indicating the financial consequences for the issuer</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no contractual arrangements, directors&rsquo;
and officers&rsquo; liability insurance policies (&ldquo;D&amp;O&rdquo;), or other instruments that structure compensation mechanisms
or indemnification for the specific administrators for the hypothesis of removal from office or retirement.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">As stated on item 7.7 of the Exhibit A.III and A.IV
of the Company&rsquo;s Management Proposal, the Company has D&amp;O, contracted with the Insurer Zurich Minas Brasil Seguros S/A, for
the period from November 30, 2021 to November 30, 2022, with premium value of approximately US$ 64,000.00 , for the coverage of losses
and damages to third parties, for acts related to the exercise of functions and attributions of the administrators, during and after their
respective mandates, up to the amount of US$ 15 million.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">For more information on the insurance policies for
payment or reimbursement of expenses borne by the Company's managers, see item 7.7 of the Company&rsquo;s Reference Form.</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.17 &ndash; regarding the past three fiscal years
and the forecast for the current fiscal year, indicate the percentage of the total compensation of each body recognized in the issuer&rsquo;s
income referring to members of the board of directors, board of officers or fiscal council who are parties related to the direct or indirect
controlling shareholders, as defined by the accounting rules dealing with this matter</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Forecast for December 31, 2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Related Party&rsquo;s Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">4.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">22,810,382</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2,209,282</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">150,796,448</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>4.00</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>175,816,112</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>December 31, 2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Related Party&rsquo;s Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">4.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">22,844,255</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,996,508</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">95,335,200</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>4.00</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>120,175,963</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>0%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>December 31, 2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Related Party&rsquo;s Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">5.00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">601,785.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">25,591,432.97</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">2%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,808,132.40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">83,664,608.96</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>5.00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>601,785.60</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>111,064,174.33</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>December 31, 2020</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="width: 26%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Body</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>No. of Members</B></FONT></TD>
    <TD STYLE="width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Related Party&rsquo;s Compensation</B></FONT></TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total Compensation</B></FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Directors</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">6.00</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,072,656.99</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">11,675,425.76</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Fiscal Council</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">1,716,643.00</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Board of Officers</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">52,867,011.81</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>6.00</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>1,072,656.99</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>66,259,080.58</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>2%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.18 &ndash; Regarding the past three fiscal years
and the forecast for the current fiscal year, indicate the amounts recognized in the issuer&rsquo;s income as compensation for members
of the board of directors, board of officers or fiscal council, grouped by body, for any reason other than their position in the company,
such as, for example, commissions and consulting or advisory services provided</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There are no amounts recognized in the Company&rsquo;s
results for the last three fiscal years as compensation for members of the Board of Directors, Executive Board or the Supervisory Board,
since they do not receive compensation from the Company for any other reason (e.g., consulting, advisory etc.), except as a result of
the exercise of their positions.</P>


<!-- Field: Page; Sequence: 41 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.19 &ndash; Regarding the past three fiscal years
and the forecast for the current fiscal year, indicate the amounts recognized in the income of direct or indirect controlling shareholders,
companies under common control and companies controlled by the issuer as compensation of members of the issuer&rsquo;s board of directors,
board of officers or fiscal council, grouped by body, specifying the title to which such amounts were attributed to such individuals</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Forecast for current fiscal year (2023) &ndash;
Compensation to be received due to the position in the issuer</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 21%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors<FONT STYLE="font-family: Times New Roman Negrito,serif"><SUP>(i)</SUP></FONT></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total<SUP>(ii)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Direct and indirect controlling shareholders </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">340,172,316</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">61,026,349</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>401,198,665</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Companies under common control </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0"><I>The information above is based on the best estimate of ABI considering
the data of the fiscal year ended in 12/31/2022.</I></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Fiscal Year ended December 31, 2022 &ndash; Compensation
received due to the position in the issuer</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 21%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors<FONT STYLE="font-family: Times New Roman Negrito,serif"><SUP>(i)</SUP></FONT></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total<SUP>(ii)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Direct and indirect controlling shareholders </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">260,507,502</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">46,625,719</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>307,133,221</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Companies under common control</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Fiscal Year ended December 31, 2021 &ndash; Compensation
received due to the position in the issuer</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 21%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors<FONT STYLE="font-family: Times New Roman Negrito,serif"><SUP>(i)</SUP></FONT></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total(ii)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Direct and indirect controlling shareholders </FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">102,292,210.51</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">15,863,775.58</P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>118,155,986.10</B></P>
    <P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Companies under common control </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Fiscal Year ended December 31, 2020 &ndash; Compensation
received due to the position in the issuer</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9D9D9">
    <TD STYLE="vertical-align: top; width: 21%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 19%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Directors<FONT STYLE="font-family: Times New Roman Negrito,serif"><SUP>(i)</SUP></FONT></B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>Total<SUP>(ii)</SUP></B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Direct and indirect controlling shareholders </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">95,037,249.60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">8,765,417.90</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt"><B>103,802,667.50</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-size: 8pt">Companies under common control </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>(i) Original amounts in dollar, by converted into
Brazilian Reais by the annual average rate of each fiscal year.</I></P>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>(ii) The amounts consider the accounting effects
provided for in CPC 10 - Share-based Payment.</I></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.20 &ndash; Provide other information that the
issuer deems relevant</B></P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">There is no other relevant information to be informed
besides the one already disclosed by the Company in the items above.</P>


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<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>ex99-6.htm
<DESCRIPTION>EXHIBIT B.I REPORT ON THE CHANGES TO THE BYLAWS AND THE RESTATED BYLAWS
<TEXT>
<HTML>
<HEAD>
<TITLE></TITLE>
</HEAD>
<BODY>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 6pt 0; text-align: center"><FONT STYLE="font-variant: small-caps"><B><U>Exhibit
B.I &ndash; Report on the Changes to the Bylaws and the Restated Bylaws</U></B></FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: center"><I>(as article 12 of CVM Resolution 81/22)</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt"><I>1.</I></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-size: 11pt"><I>Report on Changes to the Bylaws:</I></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #A6A6A6">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>CURRENT</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>ARTICLES OF THE BYLAWS</B></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>PROPOSED CHANGES</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>(IN MARKS)</B></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>JUSTIFICATION</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER I</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>NAME, HEADQUARTERS, PURPOSE AND DURATION</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER I</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>NAME, HEADQUARTERS, PURPOSE AND DURATION</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Arial Unicode MS; padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 3</B> &ndash; The purpose of the Company,
    either directly or by participation in other companies, is:</P>
    <P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(&hellip;)</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">q) the sale and/or distribution, directly or through
    third parties, of household, commercial and/or personal consumer products in general, without restriction.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 3</B> &ndash; The purpose of the Company,
    either directly or by participation in other companies, is:</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(&hellip;)</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">q) the sale and/or distribution, directly or through
    third parties, of household, commercial and/or personal consumer products in general, without restriction; <FONT STYLE="text-underline-style: double; color: #0066FF"><U>and</U></FONT></P>
    <P STYLE="color: #1B1BFD; font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="color: #0066FF; font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double"><U>r)
    the creation, development, licensing, exploitation, commercialization, including leasing of computerized systems (softwares), customizable
    or not, and/or any technological solution that enables the rendering of services, contents and/or commercialization of products by any
    electronic means or of communication, as well as the rendering of consulting services, technical assistance and training related to the
    use of systems and solutions developed or sold by the Company. </U></FONT></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: justify">Details of the corporate purpose, with the inclusion
    of activities related to the main activities developed by the Company, notably with regard to the development of software and other technological
    initiatives related to commerce and/or service.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: justify">The Company clarifies that the detailing of
    the proposed corporate purpose does not modify its operating segment and its predominant activities, representing nothing more than an
    addition of ancillary or integrated activities to those already performed by the Company, being compatible with its purposes and, therefore,
    if approved, will not authorize shareholders to withdraw under the terms of articles 136, item VI, and 137, item I, of Law No. 6,404 /76.</P></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER II</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>CAPITAL STOCK AND SHARES</B></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER II</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>CAPITAL STOCK AND SHARES</B></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Arial Unicode MS; padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-top: 4.8pt; padding-bottom: 4.8pt; padding-left: 0.35pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Article 5 &ndash;</B> The capital stock is of R$&nbsp;58,046,148,653.22, divided into 15,744,666,291 nominative common shares, without par value. </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Arial, Helvetica, Sans-Serif; padding-top: 4.8pt; padding-bottom: 4.8pt; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt"><B>Article 5 &ndash;</B> The capital stock is of </FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; color: red"><STRIKE>&nbsp;R$ 58.046.148.653,22</STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt; text-underline-style: double; color: #0066FF"><U>R$&nbsp;58.130.517.165,22,&nbsp;</U></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">divided into <FONT STYLE="text-underline-style: double; color: #0066FF"><U>15.750.216.851</U></FONT></FONT><U><FONT STYLE="font-family: Times New Roman, Times, Serif; text-underline-style: double; color: #0066FF">&nbsp;</FONT></U> <FONT STYLE="font-family: Times New Roman, Times, Serif; color: red"><STRIKE>15.744.666.291 </STRIKE></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">nominative common shares, without par value.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Arial Unicode MS; padding-top: 4.8pt; padding-bottom: 4.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">Amendment to reflect the capital increases approved by the Company's Board of Directors, within the authorized capital limit until the date of the General Meeting.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0 4.8pt 0.35pt; text-align: center"><B>CHAPTER IV</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0 4.8pt 0.35pt; text-align: center"><B>COMPANY MANAGEMENT</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>CHAPTER IV</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>COMPANY MANAGEMENT</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Arial Unicode MS; padding-top: 4.8pt; padding-bottom: 4.8pt">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 15 -</B> The Company shall be managed
    by a Board of Directors and a Board of Executive Officers, pursuant to law and these Bylaws.</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0 4.8pt 0.35pt; text-align: justify">(...)</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0 4.8pt 0.35pt; text-align: justify">&nbsp;</P>
    <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&sect; 5 </B>- <FONT STYLE="font-size: 11pt; color: black">At
    </FONT><FONT STYLE="font-size: 11pt">least <FONT STYLE="color: black">two members of the Board of Directors of the Company will be Independent
    Directors, it being understood, for the purposes hereof, as Independent Directors those in compliance with the following requirements:</FONT></FONT></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) he/she must not be a Controlling Shareholder,
    or spouse or relative up to second-degree thereof;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) he/she must not have been, for the last three
    years, an employee or officer (i) of the Company or of a company controlled by the Company, or (ii) of the Controlling Shareholder or
    of a company controlled thereby (&ldquo;Jointly-Controlled Company&rdquo;);</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) he/she must not be a supplier or buyer, whether
    direct or indirect, of services and/or products of the Company, of a company controlled by the Company, of the Controlling Shareholder
    or of a Jointly Controlled Company, in all cases in magnitude which implies in the loss of independence;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">d) he/she must not be an employee or manager
    of a company or entity which is offering or requesting services and/or products of the Company, of a company controlled by the Company,
    of the Controlling Shareholder or of a Jointly Controlled Company, as per item (c) above;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">e) he/she must not be a spouse or relative up
    to second degree of any manager of the Company, of a company controlled by the Company, of the Controlling Shareholder or of a Jointly
    Controlled Company;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0 4.8pt 0.35pt; text-align: justify">f) he/she must not receive compensation
    by the Company, by a company controlled by the Company, by the Controlling Shareholder or by a Jointly Controlled Company, except as a
    member of the Board of Directors (cash provisions from capital interests are excluded from this restriction).</P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: justify"><B>Article 15 - </B>The Company shall be managed
    by a Board of Directors and a Board of Executive Officers, pursuant to law and these Bylaws.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(...)</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&sect; 5 </B>- <FONT STYLE="color: black">At
    </FONT>least: <FONT STYLE="text-underline-style: double; color: #0066FF"><U>(i)</U></FONT> <FONT STYLE="color: black">two members</FONT><FONT STYLE="text-underline-style: double; color: #0066FF"><U>;
    or (ii) twenty percent (20%) of the total number of members</U></FONT> <FONT STYLE="color: black">of the Board of Directors of the Company</FONT><FONT STYLE="text-underline-style: double; color: #0066FF"><U>,
    whichever is greater,</U></FONT> <FONT STYLE="color: black">will be Independent Directors, it being understood, for the purposes hereof,
    as Independent Directors those in compliance with the following requirements:</FONT></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">a) he/she must not be a Controlling Shareholder,
    or spouse or relative up to second-degree thereof;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">b) he/she must not have been, for the last three
    years, an employee or officer (i) of the Company or of a company controlled by the Company, or (ii) of the Controlling Shareholder or
    of a company controlled thereby (&ldquo;Jointly-Controlled Company&rdquo;);</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) <FONT STYLE="text-underline-style: double; color: #0066FF"><U>he/she
    must not have business relationships, including</U></FONT> he/she must not be a supplier or buyer, whether direct or indirect, of services
    and/or products of the Company, of a company controlled by the Company, of the Controlling Shareholder, <FONT STYLE="text-underline-style: double; color: #0066FF"><U>an
    associated company </U></FONT>or of a Jointly Controlled Company, in all cases in magnitude which implies in the loss of independence;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">d) he/she must not be an employee or manager
    of a company or entity which is offering or requesting services and/or products of the Company, of a company controlled by the Company,
    of the Controlling Shareholder or of a Jointly Controlled Company, as per item (c) above;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">e) he/she must not be a spouse, <FONT STYLE="text-underline-style: double; color: #0066FF"><U>partner
    </U></FONT>or <FONT STYLE="text-underline-style: double; color: #0066FF"><U>straight-line or collateral</U></FONT> relative up to second
    degree of any manager of the Company, of a company controlled by the Company, of the Controlling Shareholder, <FONT STYLE="text-underline-style: double; color: #0066FF"><U>of
    a manager of the Controlling Shareholder</U></FONT> or of a Jointly Controlled Company;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">f) he/she must not receive compensation by the
    Company, by a company controlled by the Company, by the Controlling Shareholder, <FONT STYLE="text-underline-style: double; color: #0066FF"><U>an
    associated company</U></FONT> or by a Jointly Controlled Company, except as a member of the Board of Directors (cash provisions from capital
    interests are excluded from this restriction);</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="color: #0066FF; font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double"><U>g)
    he/she must not have his/her voting exercise in the meetings of the Board of Directors bound by a shareholders&rsquo; agreement whose
    purpose are matters related to the Company;</U></FONT></P>
    <P STYLE="color: #0066FF; font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>
    <P STYLE="color: #0066FF; font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: justify"><FONT STYLE="text-underline-style: double"><U>h)
    he/she must have founded the Company and has significant influence over it.</U></FONT></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Arial Unicode MS; padding-top: 4.8pt; padding-bottom: 4.8pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 11pt">The purpose of the amendment is to adapt the Company&rsquo;s Bylaws to the requirements imposed by CVM Resolution 80/22, in particular, regarding: (i) the minimum number of independent members of the Board of Directors of publicly-held companies listed on the stock exchange, as well as regarding the respective requirements for setting the independence of such directors.</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CHAPTER IV</B></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COMPANY MANAGEMENT</B></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECTION I</B></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>BOARD OF DIRECTORS</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>CHAPTER IV</B></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>COMPANY MANAGEMENT</B></P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>SECTION I</B></P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: center"><B>BOARD OF DIRECTORS</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt Arial Unicode MS; padding-top: 4.8pt; padding-bottom: 4.8pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 21 - </B>The Board of Directors shall
    resolve on the matters listed below:</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(...)</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) approve the three-year strategic plan of the
    Company;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(&hellip;)</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 21 - </B>The Board of Directors shall
    resolve on the matters listed below:</P>
    <P STYLE="font: 12pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(...)</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">c) approve the <FONT STYLE="color: red"><STRIKE>three-year</STRIKE></FONT>
    <FONT STYLE="text-underline-style: double; color: #0066FF"><U>annual long-term</U></FONT> strategic plan<FONT STYLE="text-underline-style: double; color: #0066FF"><U>s</U></FONT>
    of the Company;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(...)</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: justify">The purpose of the amendment is to clarify,
    in the Company&rsquo;s Bylaws, that all the Company&rsquo;s annual long-term strategic plans shall be approved by the Board of Directors.</P>
    <P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 4.8pt 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/14pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&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: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

<P STYLE="font: 12pt/130% Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt/130% Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt"><I>2.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt"><I>Restated Bylaws:</I></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/130% Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

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

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

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

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

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

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>NAME, HEADQUARTERS, PURPOSE AND DURATION</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<B>Article 1 -</B> AMBEV S.A. (&ldquo;<U>Company</U>&rdquo;)
is a corporation (<I>sociedade an&ocirc;nima</I>), which shall be governed by these Bylaws and by applicable law.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 2 &ndash; </B>The Company has its headquarters
and jurisdiction in the City of S&atilde;o Paulo, State of S&atilde;o Paulo. Branches, offices, deposits or representation agencies may
be opened, maintained and closed elsewhere in Brazil or abroad, by a joint resolution of the Chief Financial and Investor Relations Officer
and the Legal Vice President Officer, for achievement of the Company&rsquo;s purposes.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 3 &ndash; </B>The purpose of the Company,
either directly or by participation in other companies, is:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the production and trading of beer, concentrates, soft drinks and other
beverages, as well as foods and drinks in general, including ready-to-drink liquid compounds, flavored liquid preparations, powdered or
tubbed guaran&aacute;;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the production and trading of raw materials required for the industrialization
of beverages and byproducts, such as malt, barley, ice, carbonic gas, and of anything else that may be necessary or useful for the activities
listed in item (a) above, including the <FONT STYLE="color: black">manufacturing and sale of packages for beverages, as well as the manufacturing,
sale and industrial use of raw material necessary for the manufacturing of such packages,</FONT> as well as the production, trading, rental,
maintenance and repair of appliances, machinery, utensils and equipment;&nbsp;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the production, certification and commerce of seeds and grains, as well
as the commerce of fertilizers and fungicides and other related activities, as necessary or useful to the development of the main activities
of the Company as stated in these Bylaws;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the packaging and wrapping of any of the products belonging to it or to
third parties;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the agricultural cultivation and promotion activities in the field of cereals
and fruits which are the raw material used by the Company in its industrial activities, as well as in other sectors that require a more
dynamic approach in the exploration of the virtues of the Brazilian soil, mainly in the food and health segments;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the operation on the following areas: research, prospecting, extraction,
processing, industrialization, commercialization and distribution of mineral water, in all national territory;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the beneficiation, expurgation and other phytosanitary services, and industrialization
of products resulting from the activities listed in item (d) above, either for meeting the purposes of its industry or for trading of
its byproducts, including, but not limited to, byproducts for animal feeding;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: left">&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: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the advertising of products belonging to it and to third parties, including
agency of advertising space and the production, trading or rental of&nbsp;promotional and advertising materials, as well as the rendering
of information and internet content services and business intermediation;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the promotion and intermediation of financial services&rsquo; and payments&rsquo;
offers, and the rendering of technical, market and administrative assistance services and other services at all times directly or indirectly
related to the core activities of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the importation of anything necessary for its industry and trade;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the exportation of its products;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the direct or indirect exploration of bars, restaurants, luncheonettes and
similar places; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the contracting and/or the rendering of logistics services, including warehousing,
stock management in storages owned by the Company or by third parties, general warehouse operation and cargo transportation in general;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">printing and reproduction of recorded materials, including the activities
of printing, services of preprinting and graphic finishing and reproduction of recorded materials in any base;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">generation and trading of energy and equipment required for generating energy,
as well as any other ancillary activity to enable the implementation of projects for generation, use or trade of energy, related, directly
or indirectly, to the core activities of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">collection, transportation, treatment, recycling, reuse, disposition and/or
trading of scrap and solid waste of the Company or of third parties; the reuse of such waste, in its transformation cycle or any other
productive cycles of third parties, or any other environmentally appropriate final destination (for reverse logistics), among other related
activities;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the sale and/or distribution, directly or through third parties, of household,
commercial and/or personal consumer products in general, without restriction<FONT STYLE="text-underline-style: double; color: #0066FF"><U>;
and</U></FONT></FONT></TD></TR></TABLE>

<P STYLE="color: #1B1BFD; font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 4.5pt"><FONT STYLE="text-underline-style: double; color: #0066FF"><U>r)</U></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="text-underline-style: double; color: #0066FF"><U>the creation, development, licensing, exploitation,
commercialization, including leasing of computerized systems (softwares), customizable or not, and/or any technological solution that
enables the rendering of services, contents and/or commercialization of products by any electronic means or of communication, as well
as the rendering of consulting services, technical assistance and training related to the use of systems and solution developed or sold
by the Company.</U></FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Sole Paragraph &ndash; </B>Additionally to the
provisions of the caption of this article, the Company may participate in or associate itself with other commercial and civil companies,
as partner, shareholder or quotaholder, in Brazil or abroad.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 4 &ndash;</B> The Company is established
for an indeterminate term.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 5 &ndash;</B> The capital stock is of R$&nbsp;&nbsp;<FONT STYLE="text-underline-style: double; color: #0066FF"><U>58.130.517.165,22</U></FONT>&nbsp;<FONT STYLE="color: red"><STRIKE>58,046,148,653.22</STRIKE></FONT>,
divided into <FONT STYLE="text-underline-style: double; color: #0066FF"><U>15.750.216.851</U></FONT> <FONT STYLE="color: red"><STRIKE>15,744,666,291
</STRIKE></FONT> nominative common shares, without par value.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 &ndash; </B>Each common share shall
be entitled to one vote in the resolutions of the Shareholders&rsquo; Meeting.</P>

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


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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 &ndash; </B>The Company shares are
in the book-entry form and shall be held in a deposit account in the name of the respective holders, with a financial institution indicated
by the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 3 &ndash;</B> The Company may suspend
the services of transfer and splitting of shares and certificates in accordance with the Shareholders&rsquo; Meeting's determination,
provided that this suspension does not exceed ninety (90) intercalary days during the fiscal year or fifteen (15) consecutive days.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 6 &ndash; </B>The Company is authorized
to increase its share capital up to the limit of 19,000,000 (nineteen billion) shares, irrespective of an amendment to the Bylaws, by
resolution of the Board of Directors, which shall resolve on the paying-up conditions, the characteristics of the shares to be issued
and the issue price, and shall establish whether the increase shall be carried out by public or private subscription.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Sole Paragraph &ndash;</B> The issuance of shares
pursuant to any special laws regarding fiscal incentives (art. 172, sole paragraph, of Law No. 6,404/76) shall not give rise to preemptive
rights to shareholders; provided, however, that shares subscribed with funds originated from fiscal incentives shall not carry preemptive
rights for subscription in connection with any issuance of shares after such subscription.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 7 &ndash; </B>The issuance of shares, debentures
convertible into shares and subscription bonds, the placement of which shall be made (i) by sale on the stock exchange; (ii) by public
subscription; or (iii) for share swap, in a public offering for acquisition of control which, under the terms of articles 257 and 263,
of Law No. 6,404/76, may be carried out with exclusion of the preemptive right or with reduction in the period which is addressed in article
171, paragraph 4 of Law No. 6,404/76.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 8 &ndash;</B> The Board of Directors may
also, within the limit of the authorized capital, (i) based on a plan approved by the Shareholders&rsquo; Meeting, grant call options
to management, employees or individuals that render services to the Company or companies under its control; (ii) approve the capital increase
by capitalizing profits or reserves, with or without the issuance of new shares; and (iii) resolve on the issuance of subscription bonus
or debentures convertible into shares.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 9 &ndash; </B>Failure by the subscriber
to pay the subscribed value, on the conditions set forth in the bulletin or call shall cause it to be considered in default by operation
of law, for purposes of articles 106 and 107 of Law No. 6,404/76, subjecting it to the payment of the amount in arrears, adjusted for
inflation according to the variation in the General Market Price Index (IGP-M) in the shortest period permitted by law, in addition to
interest at twelve percent (12%) per year, <I>pro rata temporis</I>, and a fine corresponding to ten percent (10%) of the amount in arrears,
duly updated.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 10 &ndash; </B>The Shareholders&rsquo;
Meeting has the power to decide on all businesses related to the object of the Company and to take any resolutions it may deem advisable
for its protection and development.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 11 &ndash; </B>Shareholders&rsquo; Meetings
shall be convened and presided over by the Chairman or one of the Co-Chairmen of the Board of Directors, as applicable, or person appointed
by them, who may designate up to two secretaries.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 12 &ndash; </B>Any resolutions of the Shareholders&rsquo;
Meetings, except for the cases contemplated by law, shall be taken by an absolute majority of votes, excluding any blank votes.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 13 &ndash;</B> Annual Shareholders&rsquo;
Meetings shall be held within the first four months after the end of the fiscal year, and shall decide on matters under their authority,
as set forth in law.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 14 &ndash; </B>Extraordinary Shareholders&rsquo;
Meetings shall be held whenever the interests of the Company so require, as well as in the events established in law and in these Bylaws.</P>


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 15 &ndash; </B>The Company shall be managed
by a Board of Directors and a Board of Executive Officers, pursuant to law and these Bylaws.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 &ndash; </B>The Shareholders&rsquo;
Meeting shall establish the aggregate compensation of the Management, which shall be apportioned by the Board of Directors, as provided
for in article 21 hereof.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 </B>&ndash; The management must adhere
to the Manual on Disclosure and Use of Information and Policy for the Trading with Securities Issued by the Company, by executing the
Joinder Agreement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 3 </B>&ndash; The Board of Directors
will be composed, in its majority, by external members, that is, directors without current, employment or management relationship, with
the Company, who may or may not be considered independent members, observed the provisions of paragraph 5 of this article 15.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 4 </B>&ndash; The offices of Chairman
or Co-Chairmen of the Board of Directors, as applicable, and Chief Executive Officer of the Company may not be cumulated by the same person.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: black"><B>Paragraph 5</B>
- At </FONT>least<FONT STYLE="text-underline-style: double; color: #0066FF"><U>: (i)</U></FONT> <FONT STYLE="color: black">two members</FONT><FONT STYLE="text-underline-style: double; color: #0066FF"><U>;
or (ii) twenty percent (20%) of the total number of members</U></FONT> <FONT STYLE="color: black">of the Board of Directors of the Company</FONT><FONT STYLE="text-underline-style: double; color: #0066FF"><U>,
whichever is greater,</U></FONT> <FONT STYLE="color: black">will be Independent Directors, it being understood, for the purposes hereof,
as Independent Directors those in compliance with the following requirements:</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">he/she must not be a Controlling Shareholder, or spouse or relative up to
second-degree thereof;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">he/she must not have been, for the last three years, an employee or officer
(i) of the Company or of a company controlled by the Company, or (ii) of the Controlling Shareholder or of a company controlled thereby
(&ldquo;Jointly-Controlled Company&rdquo;); </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">he/she must not <FONT STYLE="text-underline-style: double; color: #0066FF"><U>have
business relationships, including he/she must not</U></FONT> be a supplier or buyer, whether direct or indirect, of services and/or products
of the Company, of a company controlled by the Company, of the Controlling Shareholder<FONT STYLE="text-underline-style: double; color: #0066FF"><U>,
an associated company</U></FONT> or of a Jointly Controlled Company, in all cases in magnitude which implies in the loss of independence;
</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">he/she must not be an employee or manager of a company or entity which is
offering or requesting services and/or products of the Company, of a company controlled by the Company, of the Controlling Shareholder
or of a Jointly Controlled Company, as per item (c) above;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">he/she must not be a spouse<FONT STYLE="text-underline-style: double; color: #0066FF"><U>,
partner</U></FONT> or <FONT STYLE="text-underline-style: double; color: #0066FF"><U>straight-line or collateral relative</U></FONT> up
to second degree of any manager of the Company, of a company controlled by the Company, of the Controlling Shareholder<FONT STYLE="text-underline-style: double; color: #0066FF"><U>,
of a manager of the Controlling Shareholder</U></FONT> or of a Jointly Controlled Company; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">he/she must not receive compensation by the Company, by a company controlled
by the Company, by the Controlling Shareholder<FONT STYLE="text-underline-style: double; color: #0066FF"><U>, an associated company</U></FONT>
or by a Jointly Controlled Company, except as a member of the Board of Directors (cash provisions from capital interests are excluded
from this restriction);</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0066FF; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; text-underline-style: double"><U>he/she must not have his/her voting exercise
in the meetings of the Board of Directors bound by a shareholders&rsquo; agreement whose purpose are matters related to the Company;</U></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #0066FF; font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt; text-underline-style: double"><U>he/she must have founded the Company and
has significant influence over it.</U></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 6pt; text-align: justify"><B>Paragraph 6</B> - Directors elected pursuant
to art. 141, paragraphs 4 and 5, of Law No. 6,404/76 will also be considered Independent Directors, notwithstanding of complying with
the independence criteria provided in this article.</P>


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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 16</B> &ndash; The Board of Directors shall
be composed of five (5) to eleven (11) sitting members, with two (2) to eleven (11) alternates, bound or not to a specific sitting Director,
and shall be elected by the Shareholders&rsquo; Meeting and be dismissed thereby at any time, with a term of office of three (3) years,
reelection being permitted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1- </B>Subject to the caption of this
article, the number of members that will make up the Board of Directors in each management period shall be previously established at each
Shareholders&rsquo; Meeting whose agenda includes election of the members of the Board of Directors, and this matter shall be forwarded
by the Chairman of the Shareholders&rsquo; Meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2</B> - The Board of Directors may determine
the creation of advisory committees formed in its majority by members of the Board of Directors, defining their respective composition
and specific duties.&nbsp; The rules of article 160 of Law No. 6,404/76&nbsp;shall apply to members of the advisory committees.&nbsp;
It will be incumbent upon said committees to analyze and discuss the issues defined as being within the scope of their duties, as well
as to formulate proposals and recommendations for deliberation by the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 3- </B>The members of the Board of Directors
shall be invested in office upon the execution of the respective instrument, drawn up in the proper book, and shall remain in office until
they are replaced by their successors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 4 - </B>The Director shall have an indisputable
reputation, and cannot be elected, unless waived by the Shareholders&rsquo; Meeting, if it (i) occupies a position in companies that can
be considered as a competitor of the Company, or (ii) has or represents a conflicting interest with the Company; the voting rights of
the Director cannot be exercised by him/her in case the same impediment factors are configured.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 17</B> - The Board of Directors shall have
one Chairman or two (2) Co-Chairmen, as defined by the vote of the majority of its members, and, in the case of Co-Chairmen, this must
be done in a shared manner, with both Co-Chairmen having identical prerogatives and duties. The Chairman or Co-Chairmen of the Board of
Directors, as applicable, will be elected by a majority of the members of the Board of Directors, immediately after said members are invested
in office.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 18 </B>- The Board of Directors shall meet,
ordinarily, at least once each quarter and, extraordinarily, whenever necessary, upon call by the Chairman or any of its Co-Chairmen,
as applicable, or by the majority of its members, through letter, email, telegram or personally, with at least 24 (twenty-four) hours
in advance.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 19 - </B>The Board of Directors shall be
convened, operate and pass valid resolutions by the favorable vote of the majority of its members present in the meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1</B> &ndash; The Directors may attend
meetings by telephone, videoconferencing, telepresence or by previously sending their votes in writing.&nbsp; In this case, the Director
will be considered to be present at a meeting in order to ascertain the quorum for declaring it open and voting, with this vote being
deemed valid for all legal effects, being included in minutes of such meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 &ndash; </B>In the event of a tie in
the resolutions of the Board of Directors, neither the Chairman nor any of the Co-Chairmen, as applicable, shall have the casting vote,
but only their own personal votes.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 3 &ndash; </B>The Director shall not
have access to information or take part in meetings of the Board of Directors related to matters in which it has conflicting interests
with the Company.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 20 - </B>In the case of permanent absence
or impediment of any Director, and if there is an alternate Director, the Board of Directors shall decide whether the alternate shall
fill the vacant office, or if the vacant office shall be filled by a substitute on a permanent basis; the substitute Director shall, in
any case, complete the term of office of the absent or impeded Director.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Sole Paragraph </B>&ndash; In the event of temporary
absence or impediment, the members of the Board of Directors shall be replaced by the respective alternates, or in the absence thereof,
by another Director appointed for such purpose by the absent Director. In this latter case, the Director that is replacing the absent
or impeded Director shall cast the vote of the absent Director in addition to his own vote.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 21 &ndash; </B>The Board of Directors shall
resolve on the matters listed below:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">establish the general direction of the Company's business, approving the
guidelines, corporate policies and basic objectives for all the main areas of performance of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">approve the annual investment budget of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">approve the <FONT STYLE="text-underline-style: double; color: #0066FF"><U>annual
long-term</U></FONT> <FONT STYLE="color: red"><STRIKE>three-year </STRIKE></FONT>strategic plan<FONT STYLE="text-underline-style: double; color: #0066FF"><U>s</U></FONT>
of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">elect and dismiss the Company's Officers, and set their attributions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">supervise the management of the Board of Executive Officers, review at any
time the books and documents of the Company, and request information regarding any acts executed or to be executed by the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">attribute, from the aggregate value of the compensation established by the
Shareholders&rsquo; Meeting, the monthly fees of each of the members of the Company's Management; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">g)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">define the general criteria on compensation and benefit policy (fringe benefits,
participation in profits and/or sales) for the management and senior employees (namely, managers or employees in equivalent direction
positions) of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">h)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">appoint the Company's independent auditors;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">resolve on the issue of shares and warrants, within the limit of the authorized
capital of the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">j)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">provide a previous manifestation on the management's report, the Board of
Executive Officers' accounts, the financial statements for the fiscal year, and review the monthly balance sheets;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">k)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">submit to the Shareholders&rsquo; Meeting of the proposal of allocation
of the net profits for the year;&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">l)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">call the Annual Shareholders&rsquo; Meeting and, whenever it may deem advisable,
the Extraordinary Shareholders&rsquo; Meetings;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">m)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">approve any business or agreements between the Company and/or any of its
controlled companies (except those fully controlled), management and/or shareholders (including any direct or indirect partners of the
Company's shareholders), without impairment of item &ldquo;q&rdquo; below;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">n)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">approve the creation, acquisition, assignment, transfer, encumbering and/or
disposal by the Company, in any way whatsoever, of shares, quotas and/or any securities issued by any company controlled by the Company
or associated to the Company; except in case of operations involving only the Company and companies fully controlled thereby or in case
of indebtedness operation, in which case the provisions of item &ldquo;o&rdquo; bellow shall apply;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">o)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">approve the contracting by the Company of any debt in excess of ten percent
(10%) of the Company's shareholders&rsquo; equity reflected on the latest audited balance sheet; this amount shall be considered per individual
transaction or a series of related transactions;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">p)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">approve the execution, amendment, termination, renewal or cancellation of
any contracts, agreements or similar instruments involving trademarks registered or deposited in the name of the Company or any of its controlled companies;
except (i) for the agreements entered into between the Company and its fully controlled companies, or (ii) in the event of licensing of
brands to be used in gifts, accessory materials connected to such brands, or disclosure in events, or yet (iii) for agreements in which
the licensing of brands is an accessory element to the execution of its main purpose (provided they do not depend on the approval of the
Board of Directors for any other reason provided in this article 21);</FONT></TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">q)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">approve the granting of loans and the rendering of guarantees of any kind
by the Company for amounts exceeding one percent (1%) of the shareholders&rsquo; equity of the Company reflected on the latest audited
balance sheet, to any third party, except in favor of any companies controlled by the Company;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">r)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">approve the execution by the Company of any long-term agreements (i.e.,
agreements executed for a term exceeding one year), involving an amount in excess of five percent (5%) of the shareholders&rsquo; equity
of the Company, as shown on the latest audited balance sheet; this amount shall be considered per individual transaction or a series of
related transactions, except in the case of agreements entered into between the Company and its fully controlled companies;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">s)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">resolve on the Company's participation in other companies, as well as on
any participation in other undertakings, including through a consortium or special partnership, that involves (i) an amount greater than
five hundredths percent (0.05%) of the shareholders&rsquo; equity of the Company, as shown in the latest audited balance sheet, considered
individual transaction; or (ii) any amount, once it is verified that the series of transactions with an amount equal to or lower than
the amount referred in item (i) has reached, within the same fiscal year, the global limit of seventy-five hundredths percent (0.75%)
of the shareholders&rsquo; equity of the Company, as shown in the latest audited balance sheet;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">t)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">resolve on the suspension of the Company's activities, except in the cases
of stoppage for servicing of its equipment;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">u)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">authorize the acquisition of shares of the Company to be kept in treasury,
be canceled or subsequently disposed of, as well as the cancellation and further sale of such shares, with due regard for applicable law;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">resolve on the issuance of Trade Promissory Notes for public distribution,
pursuant to CVM Ruling No. 134;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">w)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">resolve, within the limits of the authorized capital, on the issuance of
convertible debentures, specifying the limit of the increase of capital arising from debentures conversion, by number of shares, and the
species and classes of shares that may be issued, under the terms of article 59 paragraph 2 of Law No. 6,404/76</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">x)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">authorize the disposal of fixed assets, excepted for the ones mentioned
in item &ldquo;n&rdquo; of this article, and the constitution of collateral in an amount greater than 1% (one percent) of the shareholders&rsquo;
equity reflected in the latest audited balance sheet. This amount will be considered per individual transaction or a series of related
transactions;&nbsp;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">y)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">perform the other legal duties assigned thereto at the Shareholders&rsquo;
Meeting or in these Bylaws; and</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-size: 11pt">z)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">resolve on any cases omitted by these Bylaws and perform other attributions
not conferred on another body of the Company by the law or these Bylaws.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 &ndash; </B>The decisions of the Board
of Directors shall be recorded in minutes, which shall be signed by those present in the meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 &ndash; </B>Any favorable vote cast
by a Company representative in connection with any resolution on the matters listed above, in Shareholders&rsquo; Meetings and in other
corporate bodies of the companies controlled by the Company, either directly or indirectly, shall be conditional on the approval of the
Board of Directors of the Company.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 22</B> &ndash; The Board of Executive Officers
shall be composed of two (2) to fifteen (15) members, shareholders or not, of whom (i) one shall be the Chief Executive Officer (ii) one
shall be the Commercial Vice President Officer, (iii) one shall be the Sales Vice President Officer, (iv) one shall be the People and
Management Vice President Officer, (v) one shall be the Logistics Vice President Officer, (vi) one shall be the Marketing Vice President
Officer, (vii) one shall be the Industrial Vice President Officer, (viii) one shall be the Chief Financial and Investor Relations Officer,
(ix) one shall be the Legal Vice President Officer, (x) one shall be the Non-Alcoholic Beverages Vice President Officer, (xi) one shall
be the Compliance Vice President Officer, and (xii) one shall be the Information Technology Vice President Officer and (xiii) the remaining
Officers shall have no specific designation; all of whom shall be elected by the Board of Directors, and may be removed from office by
it at any time, and shall have a term of office of three (3) years, reelection being permitted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 &ndash; </B>Should a position of Executive
Officer become vacant or its holder be impeded, it shall be incumbent upon the Board of Directors to elect a new Executive Officer or
to appoint an alternate, in both cases determining the term of office and the respective remuneration.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 &ndash; </B>It is incumbent upon the
Executive Board to exercise the prerogatives that the law, the Bylaws and the Board of Directors confer upon it for the performance of
the actions required for the Company to function normally.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 3 &ndash; </B>The Executive Officers
shall be invested in office upon the execution of the respective instrument, drawn up in the proper book, and shall remain in office until
their successors are vested in office.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 23 &ndash; </B>The Executive Board, whose
presidency will be held by the Chief Executive Officer, shall meet as necessary, it being incumbent upon the Chief Executive Officer to
call and to be the chairman of the meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 24 &ndash; </B>It is the Chief Executive
Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">submit the annual work plans and budgets, investment plans and new Company
expansion programs to the Board of Directors for approval, causing them to be carried out, pursuant to their approval; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">formulate the Company&rsquo;s operating strategies and guidelines, as well
as establishing the criteria for executing the resolutions of the Shareholders&rsquo; Meetings and of the Board of Directors, with the
participation of the other Executive Officers; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">supervise all the Company&rsquo;s activities, providing the guidelines best
suited to its corporate purpose; </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">coordinate and oversee the activities of the Board of Executive Officers;
and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.
</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 25 &ndash; </B>It is the Commercial Vice
President Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">be responsible for the direction, strategic planning and control of the
Company's sales and marketing areas; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.3pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise
the other prerogatives conferred upon it by the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 26 &ndash; </B>It is the Sales Vice President
Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">develop the strategic sales planning of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">be responsible for the management of the commercial team and develop and
implement an action model for the sector; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 27 &ndash; </B>It is the People and Management
Vice President Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">organize and manage the Company&rsquo;s human resources; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 28 - </B> It is the Logistics Vice President
Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">establish, manage and be responsible for the pre-production and post-production
distribution and logistics strategy of the Company; and </FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 29 - </B> It is the Marketing Vice President
Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">be responsible for the direction, planning and control of the marketing
area of the Company; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 30 &ndash; </B>It is the Industrial Vice
President Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">manage the branches, warehouses, industrial plants and other units of the
Company related to its industrial production; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 31 &ndash; </B>It is the Chief Financial
and Investor Relations Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">manage and respond for the budget control of the Company;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">provide managerial and financial information;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">be responsible for the control over the cash flow and financial investments
of the Company;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">d)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">provide any and all information to investors, to the Brazilian Securities
and Exchange Commission (<I>Comiss&atilde;o de Valores Mobili&aacute;rios</I>) and to B3 S.A. - Brasil, Bolsa, Balc&atilde;o;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">e)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">maintain the registration of the Company as an openly held company updated;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">f)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 32 - </B> It is the Legal Vice President
Officer responsibility to:</P>

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


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">establish, manage and coordinate the legal strategy adopted by the Company,
and to supervise its judicial and administrative proceedings;</FONT></TD></TR></TABLE>

<P STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">be responsible for the Company&rsquo;s corporate documents; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 33 &ndash; </B>It is the Non-Alcoholic
Beverages Vice President Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">coordinate and supervise the non-alcoholic and non-carbonated drinks sector,
and establish its planning strategy; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 34 &ndash; </B>It is the Compliance Vice
President Officer&rsquo;s responsibility to:</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">implement, manage and operationalize the Company's compliance program, ensuring
compliance, effectiveness and continuous improvement;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">investigate any allegations of violations to the Company's compliance program;
and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 </B>&ndash; It is granted to the Compliance
Vice-President Officer, in the exercise of his/her duties, direct access to the Board of Directors.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 35 &ndash; </B>It is the Information Technology
Vice President Officer&rsquo;s responsibility to:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">respond for the direction, planning and control of the information technology
sector of the Company; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 21.3pt"></TD><TD STYLE="width: 21.25pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 36</B> &ndash; It is incumbent upon the
other Executive Officers to exercise the prerogatives conferred upon them by means of a Meeting of the Board of Directors, which may establish
specific titles for their positions.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 37 - </B>The Documents involving the Company
in any commercial, banking, financial or equity liability, such as agreements in general, check endorsements, promissory notes, bills
of exchange, trade bills and any credit instruments, debt acknowledgments, granting of <I>aval&nbsp;</I> guarantees and sureties, credit
facility agreements, acts performed by branches, <I>ad negocia </I>and <I>ad judicia </I>powers of attorney, and any other acts creating
any liability for the Company or waiving third-party obligations or obligations to the Company, shall be valid upon the signature of two
members of the Executive Board.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 </B>&ndash; The representation of the
Company in the aforementioned documents may be delegated to an attorney-in-fact, and such documents may be executed by an Attorney-in-Fact
in conjunction with an Officer, or by two Attorneys-in-Fact, jointly, provided that the instruments of power of attorney appointing these
attorneys-in-fact are executed by two Officers.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 -</B> The Company shall be represented,
individually, by any of the Officers or by a duly appointed Attorney-in-Fact, as regards receipt of service of process or judicial notices
and rendering of personal deposition.</P>

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

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

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


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 38 &ndash;</B> The Company shall have a
Fiscal Council, on a permanent basis, composed of three (3) to five (5) members and an equal number of alternates. All of its members
shall be elected at a Shareholders&rsquo; Meeting and by it removed at any time. Their term of office shall expire at the Annual Shareholders&rsquo;
Meeting to be held following their election, reelection being permitted.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1</B> &ndash; In order for the Fiscal
Council to function, the majority of its members must attend its meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 -&nbsp;</B> It shall be incumbent upon
the Fiscal Council to elect its Chairman in the first meeting to be held after its instatement.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 3&nbsp;</B> - In addition to the duties
conferred to it by these Bylaws and by law, the Fiscal Council shall establish in its Internal Regiment the procedures for receiving,
recording and treating complaints received in connection with accounting, internal accounting controls and matters related with the auditing
of the Company, as well as any other communication received on such matters.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 4</B> - The provisions of Paragraph 2
of article 15 of these Bylaws apply to the members of the Fiscal Council.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 39 &ndash; </B>The compensation of the
Fiscal Council's members shall be established by the Shareholders&rsquo; Meeting that elects them.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>FISCAL YEAR, BALANCE SHEET AND RESULTS</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 40 &ndash; </B>The fiscal year shall have
the duration of one year and shall end on the last day of December of each year.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 41 - </B>At the end of each fiscal year,
the financial statements determined by law shall be drawn up in accordance with the Company's bookkeeping.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 &ndash; </B>The Board of Directors
may resolve to draw up half-yearly balance sheets or for shorter periods, and approve the distribution of dividends and/or interest on
net equity based on the profits ascertained in such balance sheets, subject to the provisions set forth in Article 204 of Law No. 6,404/76.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 &ndash; </B>At any time, the Board
of Directors may also resolve on the distribution of interim dividends and/or interest on net equity based on the accrued profits or existing
profits reserves presented in the latest yearly or half-yearly balance sheet.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 3 &ndash; </B>The interim dividends and
interest on net equity shall always be considered as an advance on the minimum mandatory dividends.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 42</B> - From the profits ascertained in
each year, accumulated losses and a provision for income tax shall be deducted prior to any other distribution. &nbsp;</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 &ndash; </B>Over the amount ascertained
as provided for in the caption of this article, it will be calculated:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the statutory participation of the Company&rsquo;s employees up to the maximum
limit of 10% (ten percent), to be distributed according to the parameters to be established by the Board of Directors; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.45pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">the statutory participation of the management, up to the maximum legal limit.</FONT></TD></TR></TABLE>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 &ndash; </B>Over the amount ascertained
as provided for in the caption of this article, it may be calculated, in addition, up to the limit of 10% (ten percent), a contribution
for the purpose of meeting the charges of the assistance foundation for employees and management of the Company and its controlled companies,
with due regard for the rules established by the Board of Directors to this effect.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 3 &ndash; </B>The following allocations
shall be made from the net income of the fiscal year, obtained after the deductions dealt with in the previous paragraphs:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">a)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">five percent (5%) shall be allocated to the legal reserve, up to twenty
percent (20%) of the paid-in capital stock or the limit established in article 193, paragraph 1 of Law No. 6,404/76;</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">b)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">from the balance of the net profit of the fiscal year, obtained after the
deduction mentioned in item (a) of this article and adjusted pursuant to article 202 of Law No. 6,404/76, forty percent (40%) shall be
allocated to pay the mandatory dividend to all its shareholders; and</FONT></TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 28.35pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-size: 11pt">c)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 11pt">an amount not greater than sixty percent (60%) of the adjusted net profits
shall be allocated to the formation of an Investment Reserve, for the purpose of financing the expansion of the activities of the Company
and its controlled companies, including through subscription of capital increases or the creation of new business developments.</FONT></TD></TR></TABLE>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 4 &ndash; </B>The reserve set out in
item (c) of paragraph 3 of this article may not exceed eighty percent (80%) of the capital stock. Upon reaching this limit, the Shareholders&rsquo;
Meeting shall resolve either to distribute the balance to the shareholders or increase the Company&rsquo;s corporate capital.</P>

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>LIQUIDATION, WINDING-UP AND EXTINGUISHMENT</B></P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 43 &ndash; </B>The Company shall be liquidated,
wound up and extinguished in the cases contemplated by law or by resolution of the Shareholders&rsquo; Meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 &ndash; </B>The manner of liquidation
shall be determined at a Shareholders&rsquo; Meeting, which shall also elect the Fiscal Council that will function during the liquidation
period.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 - </B>The Board of Directors shall
appoint the liquidator, establish its fees and determine the guidelines for its operation.</P>

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

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<B>Article 44 &ndash; </B>The dividends attributed
to the shareholders shall be paid within the legal time frames, and monetary adjustment and/or interest shall only be assessed if so determined
by the Shareholders&rsquo; Meeting.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Sole Paragraph &ndash; </B>The dividends not received
or claimed shall become time-barred within three years from the date on which they were made available to the shareholder and shall revert
to the benefit of the Company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 45 &ndash;</B> The Company shall comply
with the shareholders' agreements registered as provided for in article 118 of Law No. 6,404/76.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Article 46 &ndash; </B>The Company will provide
the members of the Board of Directors, of the Board of Executive Officers and of the Fiscal Council, or the members of any corporate bodies
with technical functions set up to advise the managers, a legal defense in lawsuits an d administrative proceedings filed by third parties
during or after their respective terms of office, for acts performed during the exercise of their functions, including through a permanent insurance policy, shielding
them against liability for acts arising from the exercise of their positions or functions, including the payment of court costs, legal
fees, indemnifications and any other amounts arising from such proceedings.</P>


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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 1 &ndash; </B>The guarantee set forth
in the caption of this article extends to employees working regularly to comply with powers-of-attorneys granted by the Company or the
subsidiaries controlled by the Company.</P>

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Paragraph 2 &ndash; </B>If any of the persons mentioned
in the caption or in Paragraph 1 of this article be sentenced by a final court decision due to negligent or criminal conduct, the Company
must be reimbursed by such person for all costs and expenses disbursed on legal assistance, as set forth by law.&rdquo;</P>

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

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

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

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>* These Bylaws were approved at the Company's Ordinary
and Extraordinary Shareholders' Meeting held on April 2<FONT STYLE="text-underline-style: double; color: #0066FF"><U>8</U></FONT><FONT STYLE="color: red"><STRIKE>9</STRIKE></FONT>,
<FONT STYLE="text-underline-style: double; color: #0066FF"><U>2023</U></FONT> <FONT STYLE="color: red"><STRIKE>2022</STRIKE></FONT>.</I></P>

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

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

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




<P STYLE="font: 12pt/130% Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>


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