<SEC-DOCUMENT>0001292814-24-001088.txt : 20240329
<SEC-HEADER>0001292814-24-001088.hdr.sgml : 20240329
<ACCEPTANCE-DATETIME>20240328194627
ACCESSION NUMBER:		0001292814-24-001088
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20240331
FILED AS OF DATE:		20240329
DATE AS OF CHANGE:		20240328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		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:		24801478

	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>abev20240326_6k.htm
<DESCRIPTION>6-K
<TEXT>
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<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">

<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

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

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

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

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

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

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

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

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

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>For the month of March, 2024</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 10pt; text-align: center"><IMG SRC="image_004.jpg" ALT=""></P>

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</P>


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<DIV STYLE="background-color: rgb(15,54,135); text-align: right">&nbsp;</DIV>

<DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><IMG SRC="image_005.jpg" ALT=""><DIV STYLE="background-color: rgb(15,54,135); text-align: right"><P STYLE="font: 20pt/115% Avantt; text-align: center; margin-top: 0; margin-bottom: 0; color: #FFAA01">MANAGEMENT PROPOSAL</P></DIV>


<P STYLE="font: 14pt/120% Avantt; margin: 12pt 0 12pt 6pt; text-align: center; color: white"><B>Ordinary and Extraordinary Shareholders&rsquo;
Meetings to be held on April 30, 2024</B></P>

<P STYLE="font: 14pt/120% Avantt; margin: 12pt 0 12pt 6pt; text-align: center; color: white">&nbsp;</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0; text-align: center; color: white"><B>INDEX</B></P>
<P STYLE="font: 16pt/120% Avantt; margin: 12pt 0; text-align: center"><B></B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 16pt Avantt; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: justify; color: white"><FONT STYLE="text-transform: none">A.&#9;Ordinary
Shareholders&rsquo; Meeting&#9;</FONT></P></DIV></TD>
  <TD STYLE="text-align: right"><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: right; color: white"><FONT STYLE="text-transform: none">[&#9679;]</FONT></P></DIV></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: justify; color: white"><FONT STYLE="text-transform: none">B.&#9;Extraordinary
Shareholders&rsquo; Meeting&#9;</FONT></P></DIV></TD>
  <TD STYLE="text-align: right"><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: right; color: white"><FONT STYLE="text-transform: none">[&#9679;]</FONT></P></DIV></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: justify; color: white"><FONT STYLE="text-transform: none">Exhibit
A.I &ndash; Comments from the Officers&#9;</FONT></P></DIV></TD>
  <TD STYLE="text-align: right"><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: right; color: white"><FONT STYLE="text-transform: none">[&#9679;]</FONT></P></DIV></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: justify; color: white"><FONT STYLE="text-transform: none">Exhibit
A.II &ndash; Allocation of Net Profit&#9;</FONT></P></DIV></TD>
  <TD STYLE="text-align: right"><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: right; color: white"><FONT STYLE="text-transform: none">[&#9679;]</FONT></P></DIV></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: justify; color: white"><FONT STYLE="text-transform: none">Exhibit
A.III &ndash; Information of the Candidates to the Position of Member of the Fiscal Council of the Company&#9;</FONT></P></DIV></TD>
  <TD STYLE="text-align: right"><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: right; color: white"><FONT STYLE="text-transform: none">[&#9679;]</FONT></P></DIV></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: justify; color: white"><FONT STYLE="text-transform: none">Exhibit
A.IV &ndash; Compensation of the Management&#9;</FONT></P></DIV></TD>
  <TD STYLE="text-align: right"><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: right; color: white"><FONT STYLE="text-transform: none">[&#9679;]</FONT></P></DIV></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="width: 90%"><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: justify; color: white">Exhibit B.I &ndash; Report of Amendments to the Bylaws and Restated Bylaws&#9;</P></DIV></TD>
  <TD STYLE="text-align: right; width: 10%"><DIV STYLE="text-indent: 20pt; background-color: rgb(15,54,135); text-align: right"><P STYLE="font: bold 11pt/120% Avantt; margin: 15pt 0 6pt; text-transform: uppercase; text-align: right; color: white">[&#9679;]</P></DIV></TD></TR>
</TABLE>

<P STYLE="font: 16pt/120% Avantt; margin: 12pt 0; text-align: center"><B></B></P>

<P STYLE="font: 16pt/120% Avantt; margin: 12pt 0; text-align: center"><B></B></P>
    <P STYLE="font: 16pt/120% Avantt; margin: 12pt 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 16pt/120% Avantt; margin: 12pt 0; text-align: center"><B></B></P>

<P STYLE="font: 14pt/115% Avantt; margin: 0 0 10pt; text-align: center; color: white"><B>MARCH 28, 2024</B></P>
<P STYLE="margin: 0">&nbsp;</P>

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

<P STYLE="text-align: center; font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0pt"><IMG SRC="image_006.jpg" ALT=""></P>

</div>

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<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: right; color: #00348D"><IMG SRC="image_007.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">To the Shareholders,</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 30, 2024, at 2:00&nbsp;p.m. (&ldquo;<U>Proposal</U>&rdquo;):</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #ED7D31"><B>A.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Annual
Shareholders&rsquo; Meeting:</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><B>1.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">Analysis of the management accounts, examination, discussion and voting on the financial statements
for the fiscal year ended December 31, 2023</FONT></B></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">We propose that the Management accounts are approved
and the financial statements relating to the fiscal year ended December 31, 2023, as disclosed on February 29, 2024 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 (www.ri.ambev.com.br)
and on the newspaper Valor Econ&ocirc;mico.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 this Proposal reflect our comments on the financial situation of the Company.</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><B>2.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">Allocation of the net profits for year ended December 31, 2023 and ratification of the payment
of interest on own capital for year ended December 31, 2023, approved by the Board of Directors at the meeting held on December 12, 2023</FONT></B></P>

<P STYLE="font: 11pt/107% Avantt; margin: 0 0 8pt; text-align: justify; color: #00348D">We propose that the net profit for the fiscal
year ended December 31, 2023 be allocated as indicated below, which is defined in detail in <U>Exhibit A.II</U> of this 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, 2023, approved by the Board of Directors at the meeting held on December
12, 2023.</P>


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<P STYLE="font: 11pt/107% Avantt; margin: 0 0 8pt; color: #00348D">&nbsp;</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 67%; border: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Net Profits</FONT></TD>
    <TD STYLE="width: 33%; border-top: #00348D 1.5pt solid; border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 14.501.943.640,79 </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; border-left: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Amount allocated to the Tax Incentives Reserve</FONT></TD>
    <TD STYLE="border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 2.552.742.772,26 </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; border-left: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Amount allocated to payment of interest on own capital (gross), declared based on the net profit relating to the fiscal year ended December 31, 2023</FONT></TD>
    <TD STYLE="border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 11.500.204.792,68</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; border-left: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Amount allocated to the Investments Reserve (1) </FONT></TD>
    <TD STYLE="border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 3.730.197.243,38</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; border-left: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-bottom: 10pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D; line-height: 120%">(1) Including values relating to (i) reversion of effects of the revaluation of fixed assets in the amount of R$ 11.823.167,53; and (ii) effect of application of IAS 29/CPC 42 (hyperinflation) in the amount of R$ 3.269.378.000,00, as detailed in <U>Exhibit A.II</U> to the Proposal.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 12pt 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><B>3.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">Election of the effective and alternate members of the Fiscal Council for a term in office <U>ending</U>
at the Ordinary Shareholders&rsquo; Meeting to be held in 2025, pursuant to the terms of the Company's Bylaws</FONT></B></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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% Avantt; margin: 0 0 12pt 31.5pt; text-align: justify; color: #00348D">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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;</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt 31.5pt; text-align: justify; color: #00348D">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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;</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt 31.5pt; text-align: justify; color: #00348D">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt 31.5pt; text-align: justify; color: #00348D">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;by
reelection, <B>Eduardo Rogatto Luque</B>, Brazilian, married, accountant, bearer of Identity Card RG No. 17.841.962-X (SSP/SP), enrolled
with the CPF 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.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Additionally, Caixa de Previd&ecirc;ncia dos
Funcion&aacute;rios do Banco do Brasil - PREVI, 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>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt">(i)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; 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: Avantt">by reelection, <B>Fabio de Oliveira Moser</B>, Brazilian, married, administrator, bearer of
Identity Card RG No. 061.802.773 (IFP/RJ), enrolled with the CPF 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 Fiscal Council of the Company; and</FONT></P>
<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 0 31.5pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"></FONT></P>


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<P STYLE="font: 11pt/120% Avantt; margin: 0 0 0 31.5pt; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 0 31.5pt; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt 31.5pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt">(ii)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">by election, <B>Jo&atilde;o Vagnes de Moura Silva</B>, Brazilian, married, electric engineer,
bearer of Identity Card RG No. 1169742 (SSP/DF), enrolled with the CPF under No. 584.043.411-68, resident and domiciled in the City of
Canto do Buriti, State of Piau&iacute;, to take office as an alternate member of the Fiscal Council of the Company.</FONT></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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.III</U> of this Proposal.</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><B>4.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">Establishment of the global compensation of the managers for year 2024</FONT></B></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>Proposal &ndash; Fiscal Year 2024</I></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">We propose that the global compensation of the
managers for the year 2024 (that is, between January 1, 2024 and December 31, 2024) be established in the global amount of up to R$&nbsp;183.982.172,00.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The abovementioned proposed amount 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/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The increase of the proposed amount for year
2024, in comparison to the amount proposed for year 2023, substantially results due to the following: (i) higher achievement of individual
and collective targets of the Company in the years 2021, 2022 and 2023, causing an increase of the expense for share-based compensation
proposed for year 2024; (ii) recognition of expenses of share-based compensation programs which grace period varies between 3 and 5 years,
with proportional recognitions in each year; (iii) adjustment due to inflation; and (iv) adjustment aligned to the average compensation
practiced in similar markets in which the Company operates.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">According to the CVM guidance (item 3.4.5 of
Circular-Notice/Annual-2024-CVM/SEP - &ldquo;<U>Circular Notice</U>&rdquo;), the global amount of managers&rsquo; compensation to be approved
in the Ordinary Shareholders&rsquo; Meeting according to article 152 of Law No. 6,404/76 must include, besides the fixed and short-term
variable compensation 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>


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<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">In such context, we stress that in the global amount
of Management&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 non-financial effects
set forth in CPC 10.</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">Additionally, it should be noted that the global compensation
proposed for 2024 considers the current structure of the Statutory Board of Executive Officers (&ldquo;<U>Board of Officers</U>&rdquo;),
as approved by the Board of Directors at the meeting held on August 7, 2023.</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>Compensation Model</I></P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">The Company&rsquo;s Management compensation is divided
into fixed compensation and variable compensation, considering the sustainable growth of the Company and its businesses in the long term,
with the purpose of encouraging and rewarding significant results through profit sharing.</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">The members of the Board of Directors and the Board
of Officers are also entitled to receive direct and indirect benefits, pursuant to <U>Exhibit A.&nbsp;IV</U> to this Proposal and the
Company&rsquo;s Reference Form, available on the CVM website and on the Company&rsquo;s Investor Relations page on the Internet (ri.ambev.com.br).</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Annually, the People Committee evaluates the
retention of the Company&rsquo;s talents, which includes analyzing 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% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The model adopted to determine the compensation
of the members of the Company&rsquo;s Board of Directors is aligned to the best market practices for companies with businesses, risks
and complexity similar to those of the Company.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Regarding the compensation of the Board of Officers,
it 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 similar 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/14pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>


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<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D"></P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Actual Compensation &ndash; Year 2023</I></P>
<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">We inform that the amount paid as global compensation
attributed to the managers of the Company for the year 2023 was R$&nbsp;132.972.802,00. Such amount is inferior to the limit approved
by the Ordinary Shareholders&rsquo; Meeting held on April 28, 2023, of R$&nbsp;173,606,830.00 for the managers.</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">The difference verified between the limits approved
by the Ordinary Shareholders&rsquo; Meeting of the Company on April 28, 2023 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 of the Company. Pursuant to the CVM guidance in item 3.4.5 of Circular-Notice/Annual-2023-CVM/SEP, the proposal
of compensation of the managers for the year 2023 was an estimate, and therefore calculated considering all calculation components for
the maximum achievement of variable compensation, which was not actually materialized.</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">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.</P>

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

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">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.IV</U> to this Proposal.</P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><B>5.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">Establishment of the compensation of the Fiscal Council </FONT></B></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">We propose that the global compensation of the
Fiscal Council for year 2024 (that is, between January 1, 2024 and December 31, 2024) be established in the global amount of up to R$&nbsp;2.316.015,00,
with the compensation of the alternate members corresponding to half the amount received by the effective members, which complies with
the provisions of article 152 of Law No. 6,404/76.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">We inform that the amount paid to the global
compensation account attributed to the members of the Company&rsquo;s Fiscal Council, for year 2023, was R$ 2.128.919,00.</P>

<P STYLE="color: #ED7D31; font: 11pt/120% Avantt; margin: 0 0 12pt"><B>B.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Extraordinary Shareholders&rsquo;
Meeting:</B></P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><B>6.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">Amendments to the Company&rsquo;s Bylaws</FONT></B></P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">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/14pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><I>a.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">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.</FONT></I></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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> to this Proposal.</P>


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<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><I>b.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT> <FONT STYLE="font-family: Avantt">rectify article 15, &sect;5&ordm;, item &ldquo;h&rdquo;, to include the word &ldquo;no&rdquo;,
expressly stating that for the purposes of characterizing the independency of the members of the Board of Directors of the Company, he/she
must not have founded the Company nor has significant influence over it.</FONT></I></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">If this proposal is approved, the language of
article 15, &sect;5&ordm;, item &ldquo;h&rdquo; of the Company&rsquo;s Bylaws will be that indicated in <U>Exhibit B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><I>c.</I></FONT><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">amend</FONT></I><FONT STYLE="font-family: Avantt"> articles 22, 32 and 33, and exclude article
34, to reformulate the composition of the Board of Officers of the Company, renaming and redistributing the attributions of certain positions.</FONT></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0; text-align: justify; color: #00348D">The Management proposes: (i) the adjustment of the nomenclature
of the current position of <I>Non-Alcoholic Beverages Vice President Officer</I> to <I>Beyond Beer Vice President Officer, </I>with the
inclusion of new attributions to such position; (ii) the merger of the Legal Vice President Officer and Compliance Vice President Officer
positions, with the consequent unification of their respective attributions and adjustment of the nomenclature of the position to <I>Legal
and Compliance Vice President Officer</I>, pursuant to the current organizational structure of the Company, as detailed in <U>Exhibit
B.I</U> to this Proposal.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt"><B>7.</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt">Renumbering of articles and consolidation of the Company&rsquo;s Bylaws</FONT></B></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/14pt Avantt; margin: 0; text-align: justify; color: #00348D">To reflect the foregoing amendments, the Management
proposes: (i) the renumbering of current articles 34 to 46; and (ii) 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% Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: center; color: #00348D">S&atilde;o Paulo, March 28, 2024.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0; text-align: center; text-indent: 0in; color: #00348D">The Management<BR>
Ambev S.A.</P>



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

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

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<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 26, 2024</P>

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    <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>
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<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
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<P STYLE="font: bold 11pt Avantt; margin: 0 0 0 0.5in; text-transform: uppercase; text-align: center; text-indent: -0.5in; color: #00348D"><FONT STYLE="font-variant: small-caps"><U>EXHIBIT
A.I &#8211; COMMENTS FROM THE OFFICERS</U></FONT></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0 0 6pt; text-align: center; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0 0 6pt; text-align: center; color: #00348D"><B>(as Item 2 to Exhibit C to CVM Resolution
80/22)</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>2. Comments from the Officers</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Introduction</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The financial information included in this section,
except if otherwise expressly set forth, refer to our consolidated accounting statements related to fiscal year that ended December 31,
2023 and 2022. Our consolidated audited accounting statements were prepared in accordance with the International Financial Reporting Standards
(&#8220;<U>IFRSs</U>&#8221;), issued by the International Accounting Standards Board (&#8220;<U>IASB</U>&#8221;), and in accordance with
the accounting practices adopted in Brazil, that comprehend the accounting practices set forth in Law No. 6404/76 and the pronouncements,
guidance and interpretations issued by the Accounting Pronouncement Committee (<I>Comit&ecirc; de Pronunciamentos Cont&aacute;beis</I>
&#8211; CPC) and approved by the Brazilian Securities Exchange Commission - CVM.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The information under this item 2 of the <U>Exhibit
A.I</U> of the Management Proposal (&#8220;<U>Exhibit</U>&#8221;) must be read and analyzed together with our consolidated accounting
statements, available at our website (ri.ambev.com.br) and at the CVM&#8217;s website (www.gov.br/cvm).</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="color: #00348D; font: bold 11pt Avantt; 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: 11pt Avantt; margin: 0 0 10pt; text-align: justify; color: #00348D"><B>(a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General
equity and financial conditions </B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">As of December 31, 2023, the Company had, in its current
assets, a total of R$ 36.563,1 million, with R$ 16.336,2 million in cash, cash equivalents and <FONT STYLE="letter-spacing: 0.15pt">financial
investments </FONT>of the Company. The current liabilities as of December 31, 2023, amounted to R$ 41.004,9 million. The current liquidity
ratio, used to assess the Company&#8217;s capacity of payment of the short-term obligations, was 0.89x. Its positions of cash, cash equivalents
and current <FONT STYLE="letter-spacing: 0.15pt">financial investments </FONT>net of bank overdraft and cash, cash equivalents and current
<FONT STYLE="letter-spacing: 0.15pt">financial investments </FONT>net of debt<SUP>1</SUP> were R$ 16.336,2 million and R$ 12.835,1 million,
respectively. The indebtedness indicator of net debt/EBITDA<SUP>2</SUP> was -0.50.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

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

<P STYLE="font: 7pt Avantt; margin: 0; text-align: justify; color: #00348D"><SUP>1</SUP> The cash net of bank overdrafts position is represented
by the balances of cash, cash equivalents and current financial investments being deducted the balance of bank overdraft. 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 Avantt; margin: 0; text-align: justify; color: #00348D"><SUP>2</SUP> 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>

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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: #DBE5F1">
    <TD STYLE="width: 66%; border: black 1pt solid; padding: 1.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(<I>in million of Reais</I>)</FONT></TD>
    <TD STYLE="width: 34%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Total Current Assets</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">36.563,1</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Total Current Liabilities</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">41.004,9</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Net Working Capital Ratio (CA-CL)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(4.441,8)</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Net Cash of Bank Overdrafts</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16.336,2</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Cash Net of Debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12.835,1</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D">&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: #DBE5F1">
    <TD STYLE="width: 66%; border: black 1pt solid; padding: 1.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 34%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Current Liquidity Ratio</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,89</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Indebtedness Indicator (Net Debt / EBITDA)</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(0,50)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(b) Capital structure</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Capital Structure</B></FONT></TD>
    <TD COLSPAN="2" STYLE="vertical-align: top; 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-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>R$ million</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 43%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Third-Party Financing<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="width: 33%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">52.500,3</FONT></TD>
    <TD STYLE="width: 24%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">40</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 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Equity<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">80.143,8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">60</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/12.5pt Avantt; margin: 0 0 0 48.15pt; color: #00348D"><SUP>(1)</SUP> The Company&#8217;s third-party financing is
represented by the totality of the current and non-current liabilities.</P>

<P STYLE="font: 9pt/12.5pt Avantt; margin: 0 0 0 48.15pt; color: #00348D"><SUP>(2)</SUP> The Company&#8217;s equity is represented by
the consolidated owner&#8217;s equity.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The Company&#8217;s capital structure was the following:
as of December 31, 2023 &#8211;60% of equity and 40% of third-party financing.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(c) Payment capacity in relation to financial commitments
undertaken</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; margin-bottom: 8.2pt">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 77%; border: black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: -0.05pt">(<I>in million of Reais</I></FONT><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">)</FONT></TD>
    <TD STYLE="width: 23%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.15pt">Total debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.501,1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.15pt">Short-term debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.298,1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.15pt">Total current assets</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">36.563,1</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.15pt">Cash, cash equivalents and current financial investments</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16.336,2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt">Current liquidity ratio</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,89x</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt">Cash net of debt</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12.835,1</FONT></TD></TR>
  </TABLE>


<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Considering the Company&#8217;s debt profile, as described
in 2.1(f) below (total debt of R$ 3.501,1 million as of December 31, 2023, of which R$ 1.298,1 million is short-term debt), its cash flow
and liquidity position evidenced by total current assets (R$ 36.563,1 million), cash, cash equivalents and current financial investments
(R$ 16.336,2 million), current liquidity ratio (0.89x) and cash net of debt (R$ 12.835,1 million), all as of December 31, 2023, 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>


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

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(d) Sources of financing for working capital and
investments in non-current assets used</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">With regard to investments in non-current assets,
the Company&#8217;s current cash position and the expected cash flow generation are sufficient to cover these investments. In any case,
the Company has wide access to funding sources should there be an occasional need for supplemental cash funding for such investments.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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, 2023, 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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(f) Levels of indebtedness and characteristics
of debts, even describing:</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(i) Relevant financing and loan agreements</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Please, find below additional information related
to fiscal year that ended December 31, 2023:</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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 in Local Currency Leasing agreements in Brazil; (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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">As of December 31, 2023, the Company was in compliance
with its contractual obligations for its loans and financings and with any applicable borrowing limits.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Debt Profile &#8211; December 31, 2023</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt/12.5pt Avantt; margin: 0; color: #00348D"><B>Debt Instruments</B></P>
    <P STYLE="font: 9pt/12.5pt Avantt; margin: 0; color: #00348D"><FONT STYLE="letter-spacing: 0.05pt"><I>(in million Reais)</I></FONT></P></TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2025</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2026</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2027</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 9%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2028</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>After</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>BNDES debt</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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">TJLP or TR + Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,7%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,7%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>International Debt</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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Other Latin-American currencies &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">124,6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">144,8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">38,9</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">36,1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">61,2</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">405,6</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,48%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,48%</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-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">US dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">US dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 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 STYLE="white-space: nowrap; width: 32%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; 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; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 9%; 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; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Canadian dollar &#8211; floating rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Canadian dollar &#8211; fixed rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">130,1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">125,6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">101,0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">93,5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">30,1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">480,3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,6%</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,6%</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,6%</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,6%</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,6%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,6%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Debt in Reais - ICMS fixed rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">136,3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">151,5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">114,8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">415,7</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Debt in Reais - fixed rate</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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">892,5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">469,5</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">290,8</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">203,0</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">96,4</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">121,1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2.073,3</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,2%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,2%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Debt in Reais - floating rate</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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Par Value</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&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; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total indebtedness</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.298,1</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>906,1</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>561,6</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>354,4</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>206,6</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>174,5</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; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>3.501,1</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(ii) Other long-term relations with financial
institutions</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(iii) Subordination degree among the debts</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">In year ended December 31, 2023, 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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; background-color: white; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; background-color: white; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Most of the loan contracts contain financial covenants
including:</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(i) financial covenants, including restrictions on
new borrowing.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(ii) going-concern.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(iii) maintenance, in use or in good condition for
the business, of the Company's assets.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(iv) restrictions on acquisitions, mergers, sale or
disposal of its assets.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(v) disclosure of accounting statements and balance
sheets.</P>


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

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The Company did not sign any relevant loan or financing
agreement with cross default clause.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">As of December 31, 2023, the Company was in compliance
with its material (financial or not) contractual obligations for its loans and financings, not having on the abovementioned date financial
covenants that limit or restrict new indebtedness.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(g) Borrowing limits contracted and percentages
utilized</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">As of December 31, 2023, the Company had loans with
BNDES, FINEP, leasing agreements and loans with private banks in the amount of R$ 3.501,1 billion. Of this total, 100% are being used.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(h) Significant changes to items of the income
and cash flow statements</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D"><B><U>INCOME STATEMENT</U></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D"><B>Comparative analysis of Operational Results as of December 31, 2023
and December 31, 2022</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><FONT STYLE="letter-spacing: 0.05pt">The consolidated
results of the Company are presented as follows:</FONT></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><FONT STYLE="letter-spacing: 0.05pt"><B>&nbsp;</B></FONT></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><FONT STYLE="letter-spacing: 0.05pt"><B>Highlights
of Consolidated Financial Information</B></FONT></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: right; color: #00348D"><B>Vertical</B></P>
    <P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: right; color: #00348D"><B>Analysis</B></P></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: right; color: #00348D"><B>Vertical</B></P>
    <P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: right; color: #00348D"><B>Analysis</B></P></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Variation 2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Net revenue</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;79.736,9 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">533,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;79.708,8 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">535,3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Cost of sales</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(39.291,6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-262,6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(40.422,1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-271,4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-2,8%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Gross profit</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;40.445,3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-270,3%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;39.268,8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-263,8%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-2,9%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Distribution expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(10.750,6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-71,9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(11.395,3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-76,5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-5,7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Sales and Marketing expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(7.412,5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-49,5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(7.337,4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-49,3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Administrative expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-35,3%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(5.236,8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-35,2%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Other operational income (expenses)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;2.028,9 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;2.513,9 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16,9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-19,1%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Costs arising from business combination</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Restructuring</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(109,4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(101,7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,7%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,5%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(2,3)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(8,2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-71,7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">State Amnesty</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">COVID-19 Impacts</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(16,7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-100,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Write-Off of Investments</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(16,6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-100,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Distribution agreement</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(94,7)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,6%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">100,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Income from operations</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;18.831,1 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>125,9%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;17.687,9 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>118,8%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>6,5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Finance expenses</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(6.280,1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-42,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(7.892,2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-53,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-20,4%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Finance income</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;2.670,3 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,8%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;4.469,0 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">30,0%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-40,2%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Net finance result</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;(3.609,8)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-24,1%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;(3.423,2)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-23,0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>5,5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Avantt; margin: 0; color: #00348D">Share of result of joint ventures</P>
    </TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(185,4)</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-1,2%</FONT></TD>
    <TD STYLE="width: 15%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(29,1)</FONT></TD>
    <TD STYLE="width: 14%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,2%</FONT></TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">537,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 9pt Avantt; margin: 0; color: #00348D"><B>Income before income tax</B></P>
    </TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;15.035,9 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,5%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;14.235,7 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>95,6%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>5,6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Income tax expense</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(75,5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-0,5%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;655,6 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-112%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Net income</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;14.960,5 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;14.891,3 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,0%</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>0,5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Attributed to:</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Controlling interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;14.501,9 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">96,9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;14.457,9 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">97,1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,3%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Non-controlling interests</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;458,5 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,1%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;433,3 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,9%</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,8%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>* Discrepancy in the sums of the amounts is due
to rounding.</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>


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<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; color: #00348D"><U>Highlights of the Financial Information per Business Segment</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The table below contains some of the financial information
per business segment regarding years ended December 31, 2023 and 2022:</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&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">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD COLSPAN="5" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: -5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>CAC<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>LAS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Canada</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt; text-indent: -0.85pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>CAC<SUP>(1)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>LAS<SUP>(2)</SUP></B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Canada</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Net revenue</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>46.361,7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>10.044,8</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>13.797,2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>9.533,2</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>79.736,9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>42.635,7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>9.440,3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>17.371,2</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>10.261,7</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>79.708,8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Cost of sales</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(23.516,1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(5.035,1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(6.657,3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(4.083,1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(39.291,6)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(22.736,8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(4.860,8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(8.553,1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(4.271,4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(40.422,1)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Gross profits</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>22.845,6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>5.009,7</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>7.139,9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>5.450,1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>40.445,3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>19.898,9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>4.579,4</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>8.818,1</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>5.990,3</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>39.286,8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Administrative, sales and marketing expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(14.468,8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(1.931,2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(3.463,8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(3.573,0)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(23.436,8)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(13.522,0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(1.999,9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(4.421,4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(4.026,1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(23.969,4)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Other operational income (expenses)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">1.892,5</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">26,3</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">95,0</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">15,1</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">2.028,9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">2.361,4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(52,9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">192,7</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">12,8</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">2.513,9</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Exceptional items</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(137,8)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(17,9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(47,6)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(3,1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(206,4)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(34,5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(16,1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(60,5)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(32,2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D">(143,3)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Profit from operations</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>10.131,5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>3.086,9</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>3.723,5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>1.889,1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>18.831,0</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>8.703,8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>2.510,5</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>4.528,9</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>1.944,8</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 8.5pt; color: #00348D"><B>17.687,9</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(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: 9pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(2) It includes the Company&#8217;s operations in South
Latin America: Argentina, Bolivia, Chile, Paraguay and Uruguay.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Net revenue</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">For more information about the sales net revenue,
see section 2.2(b).</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Cost of sales</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The total cost of products sold decreased 2,8% in
year ended December 31, 2023, reaching R$ 39.291,6 million, compared to R$ 40.422,1 million in the same period in 2022. As a percentage
of the Company&#8217;s net revenue, the total cost of products sold decreased to 49,3% in 2023, in relation to 50,7% in 2022.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: center; color: #00348D"><B>Cost of products sold per hectoliter</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: center; color: #00348D"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 12pt Times New Roman, Times, Serif; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Year ended December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><I>(in Reais, except for percentages)</I></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Brazil</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;186,0 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;180,2 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>3,2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Brazil Beer<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;208,1 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;199,5 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,3%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">NAB<SUP>(2)</SUP></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;124,2 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;123,6 </FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,6%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>CAC</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;413,6 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;412,4 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>0,3%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>LAS</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;184,7 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;224,3 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>(17,6%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Canada</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;452,4 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;442,9 </B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2,2%</B></FONT></TD></TR>

<TR>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;213,9 </B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;217,6 </B></FONT></TD>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>(1,7%)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(1) It includes beer and &#8220;beyond beer&#8221;
operations of the Company in Brazil.</P>

<P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(2) It includes non-alcoholic beverages operations
of the Company in Brazil.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

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

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in Brazil</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The total cost of products sold of the Company&#8217;s
Brazilian operations increased 3,4% in year ended December 31, 2023, reaching R$ 23.516,0 million in relation to R$ 22.736,8 million in
the same period in 2022. The cost of the products sold in the Company&#8217;s Brazilian operations, per hectoliter, increased 3,2% in
2023, reaching R$ 186,0/hl in relation to R$ 180,2/hl in 2022.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Beer Operations in Brazil</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The cost of products sold in the beer operations in
Brazil increased 3,3%, reaching R$ 19.377,7 million in year ended December 31, 2023. The cost of products sold, per hectoliter, increased
4,3%, amounting to R$ 208,1/hl, mainly explained by higher commodity prices with barley price increase being partially offset by favorable
aluminum prices, as well as general inflation impacts.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Non-Alcoholic Beverages Operations in Brazil (&#8220;<U>NAB</U>&#8221;)</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The cost of products sold in the NAB operations in
Brazil increased 4,2%, reaching R$ 4.138,4 million. The cost of products sold per hectoliter increased 0,6% in 2023, amounting to R$ 124,2/hl,
mainly as a result of higher commodity prices with sugar price increase being partially offset by favorable aluminum prices, as well as
general inflation impacts.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operation in Central America and the Caribbean
(&#8220;<U>CAC</U>&#8221;)</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The cost of products sold in CAC operations increased
3,6% in year ended December 31, 2023, reaching R$ 5.035,1 million in relation to R$ 4.860,8 million in the same period in 2022. The cost
of products sold per hectoliter increased 0,3% in 2023, reaching R$ 413,6/hl in relation to R$ 412,4/hl in 2022, driven by higher import
costs, coupled with general inflation, partially offset by lower raw material prices in the second half of the year and better package
mix especially due to higher share of returnable glass bottles.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Latin America South Operations (&#8220;<U>LAS</U>&#8221;)</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The cost of products sold in LAS operations decreased
22,2% in year ended December 31, 2023, to R$ 6.657,3 million in relation to R$ 8.553,1 million in the same period in 2022. The cost of
products sold, per hectoliter, decreased 17,6% in 2023, to R$ 184,7/hl in relation to R$ 224,3/hl in 2022. The primary reason for these
reductions was the substantial devaluation of the Argentine peso (ARS) in 2023, which lost more than 350% of its value compared to the
previous year. This sharp drop in the peso&#8217;s value had a larger impact than the inflation experienced in Argentina throughout 2023,
leading to the significant decreases in production costs.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in Canada</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The cost of products sold in our operations in Canada
decreased 4,4% in year ended December 31, 2023, to R$ 4.083,1 million in relation to R$ 4.271,4 million in the same period in 2022, <FONT STYLE="letter-spacing: 0.05pt">while
per hectoliter</FONT>, the cost of products sold increased 2,2% in 2023, reaching R$ 452,4/hl in relation to R$ 442,9/hl in 2022. This
increase in cost of sales per hectoliter primarily due to a higher unit cost, which resulted from lower production and sales volumes,
was more than offset by currency conversion effects.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Gross profit</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The gross profit increased 2,9% in year ended December
31, 2023, reaching R$ 40.445,3 million compared to R$ 39.286,8 million in the same period in 2022. The table below shows the contribution
of each business unit to the consolidated gross profit of the Company.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&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">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Gross Profit</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD COLSPAN="3" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Amount</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>% Contrib.</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Margin</B></FONT></TD>
    <TD STYLE="width: 11%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Amount</B></FONT></TD>
    <TD STYLE="width: 13%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>% Contrib.</B></FONT></TD>
    <TD STYLE="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Margin</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;22.845,6 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>56,5%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>49,3%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>19.898,9 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>50,7%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>46,7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Brazil Beer</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;19.608,2 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">48,5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">50,3%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17.092,6 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">43,5%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">47,7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">NAB</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.237,4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">43,9%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2.806,4 </FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,1%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">41,4%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>CAC</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.009,7 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,4%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>49,9%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>4.579,4 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>11,7%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>48,5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>LAS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.139,9 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>17,7%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>51,7%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>8.818,1 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>22,4%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>50,8%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.450,1 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>13,5%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>57,2%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>5.990,3 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>15,2%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>58,4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;40.445,3 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>50,7%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>39.286,8 </B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,0%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>49,3%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; color: #00348D"><U>Sales and Marketing, Distribution and Administrative Expenses </U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The sales and marketing, distribution and administrative
expenses of the Company amounted to R$ 23.436,7 million in year ended December 31, 2023, compared to R$ 23.969,4 million in the same period
in 2022, representing a decrease of 2,2% 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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in Brazil</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The sales and marketing, distribution and administrative
expenses of the Company&#8217;s operations in Brazil amounted to R$ 14.468,8 million in year ended December 31, 2023, compared to R$ 13.522,0
million in the same period in 2022, representing an increase of 7,0% year on year.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Beer Operations in Brazil</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The sales and marketing, distribution and administrative
expenses of the beer operations in Brazil amounted to R$ 12.247,3 million in year ended December 31, 2023, compared to R$ 11.514,2 million
in the same period in 2022, representing an increase of 6,4% year on year, primarily due to higher investments in our brands, which was
partially offset by lower distribution and administrative expenses.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>NAB Operations in Brazil </I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The sales and marketing, distribution and administrative
expenses of the NAB operations in Brazil amounted to R$ 2.221,5 million in year ended December 31, 2023, compared to R$ 2.008,0 million
in the same period in 2022, representing an increase of 10,6% year on year, primarily due to higher investments in our brands and general
inflation impacts in logistics and administrative expenses.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in CAC</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The sales and marketing, distribution and administrative
expenses of the Company&#8217;s operations in CAC amounted to R$ 1.931,2 million in year ended December 31, 2023, compared to R$ 1.999,9
million in the same period in 2022, representing a decrease of 3,4% year on year, mainly due to lower logistics expenses, being partially
offset by higher investments in our brands and general inflation impacting administrative expenses.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in LAS</I></P>


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

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The sales and marketing, distribution and administrative
expenses of the Company&#8217;s operations in LAS amounted to R$ 3.463,8 million in year ended December 31, 2023, compared to R$ 4.421,4
million in the same period in 2022, representing a decrease of 21,7% year on year, driven mainly by the substantial devaluation of the
Argentine peso (ARS) in 2023, which lost more than 350% of its value compared to the previous year. This sharp drop in the peso&#8217;s
value had a larger impact than the inflation experienced in Argentina throughout 2023, leading to significant decreases in sales, marketing,
distribution and administrative expenses.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in Canada</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The sales and marketing, distribution and administrative
expenses of the Company&#8217;s operations in Canada amounted to R$ 3.573,0 million in year ended December 31, 2023, compared to R$ 4.026,1
million in the same period in 2022, representing a decrease of 11,3% year on year, driven mainly by lower logistics expenses resulting
from lower volumes and lower investments in our brands.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Other Operational Income (Expenses)</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Other operating income decreased by 19,1% in year
ended December 31, 2023, from R$ 2.513,9 million in the same period in 2022 to R$ 2.028,9 million. This result is mainly explained by
substantial extraordinary tax credits recorded in 2022 with no comparable event in 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Exceptional items</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Recurring exceptional items expenses increased by
44,0% in year ended December 31, 2023, from R$ 143,3 million in the same period in 2022 to R$ 206,4 million. Similar to 2022, the expenses
recorded in 2023 were mainly due to restructuring expenses primarily linked to centralization and restructuring projects in Brazil, LAS
and CAC, as legal fees in connection with litigation related to warrants issued by Cervejaria Brahma in 2003. Several lawsuits were filed
challenging the criteria used in calculating the exercise price of such warrants. In 2023, as successors of Cervejaria Brahma, we obtained
some definitive favorable decisions on the matter, which was already classified as a remote loss.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Operating Income</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The operating income increased by 6,5% in year ended
December 31, 2023, amounting R$ 18.831,1 million in relation to R$ 17.687,9 million in the same period in 2022.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Net Financial Result</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The net financial result of the Company increased
by 5,5% in year ended December 31, 2023, reaching R$ 3.609,8 million from an expense of R$ 3.423,2 million in the same period in 2022.
This result is mainly explained by higher foreign exchange variation costs and lower benefit arising from the Hyperinflationary Accounting
standard in Argentina, being partially offset by lower hedging carry cost related to the foreign exchange exposure in Argentina due to
lower hedging position throughout 2023 when compared to 2022.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The total debt of the Company, including current (interest-bearing
loans) and non-current debt, decreased to R$ 269,6 million in year ended December 31, 2023, while our amount of cash, cash equivalents
and current financial investments, net of bank overdraft, increased to R$ 1.029,6 million in the period.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Income tax and social contribution</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The consolidated income tax and social contribution
expenses of the Company totaled R$ 75,5 million in year ended December 31, 2023, compared
to a credit of R$ (655,6) million in 2022.&nbsp;The effective income tax and social contribution rate in 2023 was 0,5%, compared to an
effective tax rate of (4,6%) in 2022.&nbsp;Such increase in our effective tax rate in 2023 was primarily due to an increase in taxation
of foreign subsidiaries (TBU) and withholding income tax, coupled with the tax effect of lower payment of interest on net equity in 2023.</P>


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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Net Profit</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The net profit obtained by the Company in year ended
December 31, 2023 was R$ 14.960,5 million, representing an increase of 0,5%, if compared to R$ 14.891,3 million earned in the same period
in 2022.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><U>CASH FLOW</U></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: center; color: #00348D"><B><U>Cash Flow for Year Ended December 31, 2023 compared
with 2022</U></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 40%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD STYLE="width: 20%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD>
    <TD STYLE="width: 22%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Cash flow</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023/2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Cash flow from operating activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">24.711,4</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20.642,2</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">19,7%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Cash flow from investing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(5.766,0)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(5.004,1)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">15,2%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Cash flow from financing activities</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(16.115,2)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(16.337,9)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(1,4)%</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2.830,2</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>(699,9)</B></FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>504,4%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Operating Activities</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The cash flow from the Company&#8217;s operating activities
increased by 19.7%, reaching R$ 24.711,4 million in year ended December 31, 2023, compared to R$ 20.642,2 million in the same period in
2022, as a result of better management of net working capital. Cash flow from operating activities before working capital and provisions
increased by 8,6%, bringing additional R$ 2.069,5 million, reflecting gains in operating results, and more efficient management of net
working capital, contributed to a gain of R$ 2.387,7 million compared to the previous year, driven mainly by lower inventory levels.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Investing Activities</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The cash flow from the Company&#8217;s investing activities
increased by 15,2%, reaching R$ 5.766,0 million in year ended December 31, 2023, compared to R$ 5.004,1 million in the same period in
2022, mainly explained by lower net proceeds of debt securities (R$1.276,5 million less in 2023), being partially offset by lower acquisition
of property, plant, equipment and intangible assets (R$ 529,0 million).</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><U>Financing Activities</U></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The cash flow from the Company&#8217;s financing activities
decreased by 1,4%, to R$ 16.115,2 million in year ended December 31, 2023, compared to R$ 16.337,9 million in the same period in 2022,
mainly driven by higher capital distribution partially offset by lower payments from borrowings.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #00348D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 11pt"><B>2.2</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt"><B>&#8211; The Management should comment on:</B></FONT></TD></TR></TABLE>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Results
of the issuer&#8217;s operations, in particular:</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(i) Description of any material income components</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">In fiscal year ended December 31, 2023, the revenues
of the Company and its subsidiaries primarily consisted of the sale of beers, RTDs 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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(ii) Factors that materially affect operating
income</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Focused on improving the operational and financial
performance of our business, we have evolved every year, delivering continuous and consistent improvements in our results through the
execution of our strategy of (i) leading and expanding the category; (ii) digitalizing and monetizing our ecosystem; and (iii) optimizing
our business.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The year 2023 illustrates this dynamic well:
(i) the beer industry grew in Brazil (our largest market), reaching its highest historical level, and we continue to lead it through the
development of our premium, core plus and core brands; (ii) our digital platforms continued to expand across our core business units;
and, finally, (iii) our costs and expenses grew below inflation thanks to the execution of our foreign exchange and commodity hedging
policy, as well as greater efficiency in relation to distribution and administrative expenses. As a result, we delivered an organic growth
in consolidated adjusted EBITDA of 42,6% (ahead of 2022 growth), with expansion of gross margins and adjusted EBITDA (+240bp and +430bp,
respectively).</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">We sustained the change in sales volume high
built in the last three years (with a decrease of 1,1% after the record high reached in 2022), maintained our commercial momentum in Brazil
and recovered our performance in Central America and the Caribbean. For the second year in a row, we were the most awarded Brazilian company
at the Cannes Festival of Creativity and the winners of the category &#8220;Advertiser of the Year&#8221; at the Effie Brazil Awards,
adding trophies for all our beverage categories &#8211; Brahma, Budweiser, Stella Artois and Quilmes for beer, Guaran&aacute; Antarctica
for non-alcoholics and Mike&#8217;s for beyond beer &#8211; in addition to Z&eacute; Delivery.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In Brazil, premium and super premium brands delivered
a growth of approximately 25% for the year, led by Corona, Spaten and Original, with progress in brand health indicators and market share
gains, according to our estimates. Our innovations in beyond beer and within a health and wellness trend, such as Budweiser Zero and Stella
Pure Gold, also performed positively for the year.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">We continued to expand the use of our B2B (Business-to-Business)
platform, BEES, by our customers, evolving our level of service (NPS - Net Promoter Score) to record highs throughout the year (+13% vs.
2022). We reached the milestone of 85% of BEES customers also buying non-Ambev products on the BEES Marketplace, which reached Gross Merchandise
Value (GMV) of R$ 1,8 billion, 38% higher than the previous year.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">On the other hand, our DTC (Direct-to-Consumer)
platform, Z&eacute; Delivery, also continued its expansion, gaining awareness and increasing its coverage to more than 700 cities, where
about 70% of the Brazilian population lives.
The platform reached 5,7 million Monthly Active Users (MAU), adding up to more than 60 million orders in 2023 and with GMV growing 8%
vs. 2022.</P>


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<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In the non-alcoholic beverage business, our volume
grew 3,6% for the year, reaching a record high, highlighted by the performance of isotonic (Gatorade) and energy drinks, as well as our
diet-light-zero brands &#8211; in particular, Pepsi Black, Guaran&aacute; Antarctica Zero and H2OH!. As a result of our focus on reducing
the sugar content in our portfolio, we delivered a reduction of more than 17% compared to 2022 and approximately 25% compared to 2021.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In our international operations, we continue
to face challenges, although we have improved, compared to 2022 results, in most of our business units. In Latin America South, volume
decreased 5,5% mainly due to the impacts of high inflationary pressures on overall consumer demand in Argentina. Despite an unfavorable
macro scenario, we maintained our beer market share stable in the country, according to our estimates. In addition, our strategy focused
on generating cash flow in U.S. dollars, with the reduction of hedging levels and exposure to costs and expenses linked to the U.S. dollar,
made us better prepared to navigate the depreciation of the Argentine peso that occurred in the second half of the year, particularly
in December. In addition, our operations in Paraguay and Bolivia delivered positive volume performances for the year, led, in Paraguay,
by a high-single-digit growth in the premium and core plus segments, and, in Bolivia, by the performance of the brand Pace&ntilde;a. In
Chile, our premium and core plus brands gained weight in 2023, driven by Corona and Quilmes, respectively.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In Central America and the Caribbean, we delivered
volume growth (+3.3%) and adjusted EBITDA (+22.0%) for the year (in organic terms), with expansion of gross margins and adjusted EBITDA
(+150bp and +350bp, respectively). The region&#8217;s performance was led by the Dominican Republic, where the improvement in the macroeconomic
scenario, coupled with the consistent execution of our commercial plan, resulted in volume growth in the premium and core segments, mainly
driven by Corona and the Presidente family brands, respectively.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Finally, in Canada, we delivered an organic growth
in adjusted EBITDA of 2,7% despite a volume decrease of 6,4%, primarily due to the decline in the beer industry. On the commercial side,
our premium and core plus brands grew a low-single-digit, led by Corona and the Michelob Ultra family, and the health of these brands
also evolved year on year. In addition, our B2B platform has continued to expand in the country, and is now present in the provinces of
Newfoundland, Quebec and Saskatchewan, bringing convenience to our customers and fostering the increase of our NPS in these regions.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><U>Net Revenue &#8211; Year ended December 31,
2023 compared to 2022</U></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Net revenue remained relatively stable for year ended
December 31, 2023, to R$ 79.736,9 million in relation to R$ 79.708,8 million in the same period in 2022, as a consequence of <FONT STYLE="letter-spacing: 0.05pt">a
decrease of 1,1% in sales volume, partially offset by an increase of 1,2% in net revenue per hectoliter, with increases in Brazil and
CAC offsetting decreases in Latin America South and Canada</FONT>, according to the tables below.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: center; color: #00348D"><B>&nbsp;</B></P>



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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: center; color: #00348D; text-indent: 1.5in"><B>Net revenue</B></P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><FONT STYLE="letter-spacing: 0.1pt"><B>&nbsp;</B></FONT></P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><FONT STYLE="letter-spacing: 0.1pt"><B>&nbsp;</B></FONT></P></TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Year ended December 31</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1.5pt solid; vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>% Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><I>In million Reais, except for percentages</I></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; width: 25%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt"><B>B</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: -0.05pt">r</FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt">azi</FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">l</FONT></B></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;46.361,7 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>58,1%</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>42.635,7</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>53,5%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>8,7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Beer Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.985,9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">48,9%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">35.857,8</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">45,0%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,7%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">NAB</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.375,8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,3%</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6.777,9</FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>CAC</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.044,8 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,6%</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>9.440,3</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>11,8%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>6,4%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.1pt"><B>LAS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13.797,2 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>17,3%</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>17.371,2</B></FONT></TD>
    <TD STYLE="vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>21,8%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-20,6%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: -0.05pt"><B>C</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt">a</FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: -0.05pt">n</FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt">a</FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: -0.15pt">d</FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">a</FONT></B></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.533,2 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,0%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>10.261,7</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-7,1%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: -0.05pt"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;79.736,9 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,0%</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>79.708,8</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>0,0%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Sales Volume</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; 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; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Year ended December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; 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; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;126.419,7 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>68,8%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;126.184,4 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>67,9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>0,2%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 24%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Beer Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;93.111,6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">50,7%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;94.042,6 </FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">50,6%</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 15%; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-1,0%</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">NAB</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;33.308,1 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,1%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;32.141,8 </FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,3%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,6%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">CAC</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.174,6 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>6,6%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.786,3 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>6,3%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>3,3%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>LAS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;36.039,6 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>19,6%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;38.134,0 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>20,5%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-5,5%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.025,2 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>4,9%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.645,0 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>5,2%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-6,4%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="2" STYLE="vertical-align: top; padding-right: 1.4pt; padding-left: 1.4pt; text-align: justify; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;183.659,0 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;185.749,7 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,0%</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 1.4pt; padding-left: 1.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-1,1%</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: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0 0 0 65.2pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Net Revenue per Hectoliter</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Year ended December 31</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 55%; text-align: justify; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 15%; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>% Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(<I>in Reais, except for percentages</I>)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Brazil</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;366,7 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;337,9 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>8,5%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Beer Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;418,7 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;381,3 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,8%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">NAB</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;221,4 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;210,9 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>CAC</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;825,1 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;800,9 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>3,0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>LAS</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;382,8 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;455,5 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-16,0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Canada</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.056,3 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.063,9 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-0,7%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Company Consolidated</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;434,2 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;429,1 </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1,2%</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in Brazil</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The total net revenue generated from the Company&#8217;s
operations in Brazil increased 8,7% in year ended December 31, 2023, amounting R$&nbsp;46.361,8 million compared to R$ 42.635,7 million
in the same period in 2022.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Beer Operations in Brazil</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The net revenue generated from the Company&#8217;s
beer operations in Brazil increased 8,7% in year ended December 31, 2023, accumulating R$ 38.985,9 million compared to R$ 35.857,8 million
in the same period in 2022. This variation is mainly due to a 9,8% increase in net revenue per hectoliter in 2023 reflecting the implementation
of revenue management initiatives combined with improved brand mix, slightly offset by a 1,0% decrease in sales volume. After reaching
historically high volumes in 2022, we continued to consistently execute our commercial strategy in 2023, which led to strong sales growth
for our premium and super premium brands led by Corona, Spaten and Original, although total volumes sold were down as compared to the
volumes sold in 2022, which were boosted by the FIFA World Cup in 2022.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>NAB Operations in Brazil</I></P>


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

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The net revenue generated from the Company&#8217;s
NAB operations in Brazil increased 8,8% in year ended December 31, 2023, reaching R$ 7.375,8 million compared to R$ 6.777,9 million in
the same period in 2022. This variation is a consequence of a 3,6% increase in sales volume, coupled with a 5,0% increase in net revenue
per hectoliter in 2023 (despite the increase in the ICMS tax base and adjustments to the channel mix). The growth in sales volume was
driven by effective commercial strategies and product innovation, particularly within energy drink and health &amp; wellness brands, which
significantly outperformed in volumes. Market trends towards healthier options led to strong performance in diet/light/zero portfolio,
notably with brands like Fusion and Gatorade, and were key contributors to the volume increase.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in CAC</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The net revenue generated from the Company&#8217;s
CAC operations increased 6,4% in year ended December 31, 2023, accumulating R$ 10.044,8 million compared to R$ 9.440,3 million in the
same period in 2022. The increase in net revenue in our CAC operations in 2023 was driven by strategic revenue management, a favorable
mix towards premium and single-serve products, and a strong performance in the Dominican Republic. Enhanced focus on the main family of
brands in the Dominican Republic (Presidente) and in the premium segment, including Corona, contributed significantly to the rise in volume
and net revenue per hectoliter, underpinning our net revenue increase in the region.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; color: #00348D"><I>Operations in LAS</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The net revenue generated from the Company&#8217;s
LAS operations decreased 20,6% in year ended December 31, 2023, amounting R$ 13.797,2 million compared to R$ 17.371,2 million in the same
period in 2022. This variation is a consequence of a 5,5% decrease in sales volume coupled with a 16,0% decrease in net revenue per hectoliter
in 2023 driven mainly by the accounting impact of the Argentine peso (ARS) devaluation in 2023, which devalued more than 350% in 2023
in comparison to the end of 2022, coupled with a challenging economic and consumer scenario in Argentina considering inflation pressures
on consumers disposable income.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Operations in Canada</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The net revenue generated from the Company&#8217;s
operations in Canada decreased 7,1% in year ended December 31, 2023, reaching R$ 9.533,2 million compared to R$ 10.261,7 million in the
same period in 2022. This variation is a consequence of a 6,4% decrease in volume sold, coupled with a 0,7% decrease in net revenue per
hectoliter in 2023. Volume decreased within the context of a weak industry both in beer and beyond beer segments, while net revenue per
hectoliter performance mainly driven by revenue management initiatives was affected by currency translation effects.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">In 2023, 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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>2.3 &#8211; The Management should comment on: </B></P>


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<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Changes
in accounting practices that have resulted in significant effects on the information provided for in items 2.1 and 2.2 </B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Modified
opinions and emphases present in the auditor&#8217;s report </B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D"><B>(a) Introduction or divestment of operating segment </B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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 fiscal year ended December 31,
2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D"><B>(b) Organization, acquisition or disposal of equity interest</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">There was no event of organization, acquisition or
disposal of equity in fiscal year ended December 31, 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D"><B>(c) Unusual events or transactions </B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>Notice from ELJ to exercise the put option under the Tenedora&#8217;s
Shareholders&#8217; Agreement</I></P>

<P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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. On December
2023, ELJ owned 15% of the shares of Tenedora and its put option was divided into two tranches: (i) Tranche A, corresponding to 12,11%
of the shares, which was exercised on January 31, 2024, as formalized in the Shareholders&#8217; Agreement and ratified by the notice
received from ELJ in October 2023; 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 B shares, exercisable from 2029. The relevant information about the exercise of the put option by
ELJ is presented in note 32 &#8211; Subsequent Events.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D"><I>New Corona Distribution
Agreement in Canada </I></P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">In December 2023, the
Company renegotiated the licensing agreement with Trademarks Grupo Modelo, S. de R.L. de C.V., subsidiary of AB InBev, to produce, bottle,
sale and distribute products of Corona brand in Canada. In return for the rights acquired, for a period of 100 years, automatically renewable
for another 100 years, Labatt Brewing Company Limited, subsidiary of the Company in Canada, will make a single payment to the licensor
in the amount of R$ 869 million. The amount relating to the acquired right was recognized in 2023 as a business asset in intangible assets.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D"><I>Tax Credits &#8211;
2022 and 2023</I></P>


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<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">After the decision of
the Brazilian 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 the ICMS in the taxable base of PIS and COFINS, in September 2021, the General Attorney&#8217;s
Office (&#8220;PGFN&#8221;) published the PGFN Opinion 14.483/2021, which presented its understanding of the procedures that must be observed
by the Tax Administration in relation to the matter, especially with regard to the impacts of said exclusion on PIS and COFINS credits
recorded by the purchasers upon entry transactions. Due to these events, in 2022, the Company completed analyzes that allowed the accounting
recognition of R$1,2 billion, in the same period, as tax credits arising from the exclusion of ICMS from the taxable base of PIS and COFINS
in transactions with subsidiaries.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">In addition, on December
13, 2023, the Brazilian Superior Court of Justice (&#8220;STJ&#8221;) completed the judgement of the Theme 1.125, confirming the understanding
that the ICMS collected under the tax replacement system must also be excluded from the taxable base of PIS and COFINS of the replaced
taxpayers. The appellate decision is still pending publication. With regard to this theme, in the period from 2017 to 2023, the Company
and its controlled companies recognized tax credits in the amount of R$ 1,4 billion, with approximately R$ 407,1 million being recognized
extemporaneously in fiscal year 2023 (R$ 218 million were recorded in other operating revenues and R$ 189,1 million in financial results).</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">Share buyback program</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">The Board of Directors, in
a meeting held on May 18, 2023, approved, pursuant to article 30, 1<SUP>st</SUP> Paragraph, &#8220;b&#8221;, of Law 6,404/76 and Resolution
of the Brazilian Securities Commission (&#8220;CVM&#8221;) No. 77/22, a share buyback program of shares issued by the Company itself (&#8220;Program&#8221;)
up to the limit of 13.000.000 common shares, with the primary purpose of covering any share delivery requirements contemplated in the
Company&#8217;s share-based compensation plans, or to be held in treasury, canceled and/or subsequently transferred. The program must
end by November 18, 2024, as detailed together with other information about it in the Notice on Trading of Own Shares, prepared in accordance
with Schedule G to CVM Resolution No. 80/22 and disclosed on May 18, 2023. On the date of said approval, the Company had 4.393.610.429
outstanding shares, as defined in CVM Resolution No. 77/22. The acquisition occurred as per a deduction of the capital reserve account
recorded in the balance sheet drawn up on March 31, 2023. The transaction is carried out through UBS Brasil Corretora de C&acirc;mbio,
T&iacute;tulos e Valores Mobili&aacute;rios S.A.</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D"><B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Inform
the value of non-accounting measurements </B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="vertical-align: top; width: 49%; border: Black 1pt solid; padding: 1.4pt 4.25pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><I>(in millions of reais)</I></FONT></TD>
    <TD STYLE="width: 51%; 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-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023</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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Operating Income</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18.831,1</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, 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="vertical-align: top">
    <TD STYLE="width: 49%; border: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Adjusted Operating Income </FONT></TD>
    <TD STYLE="width: 51%; 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-family: Avantt; font-size: 9pt; color: #00348D">19.037,5</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Adjusted Operating Income Margin</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">23,9%</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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">EBITDA</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">25.063,6</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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Adjusted EBITDA </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">25.455,4</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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Adjusted EBITDA margin</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">31,9%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><U>Operating Income, adjusted Operating Income
and adjusted Operating Income Margin</U></B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The adjusted Operating Income Margin, in turn, is
calculated by dividing the adjusted Operating Income by the net revenue.</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><U>EBITDA, adjusted EBITDA and adjusted EBITDA
Margin</U></B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Adjusted EBITDA, on the other hand, corresponds to
EBITDA minus exceptional items and participation in the results of joint ventures. 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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Adjusted EBITDA Margin, in turn, is calculated by
dividing the adjusted EBITDA by the net revenue.</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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>


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<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(b)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Make
reconciliations between the amounts disclosed and the amounts in the audited financial statements </B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>Reconciliation of Operating Income, adjusted Operating
Income and adjusted Operating Income Margin</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>(<I>Description of the Account in millions of Reais</I>)</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 34%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Year ended</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Net income &#8211; Ambev</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>14.501,9</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Non-controlling interest</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">458,5</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Income tax and social contribution expenses</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">75,5</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Income before taxes </B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>15.035,9</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Profit sharing of joint ventures</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">185,4</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Net financial results</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.609,8</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Operating Income</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>18.831,1</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Exceptional items </FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">206,4</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Adjusted Operating Income</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>19.037,5</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Net revenue</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">79.736,9</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Adjusted Operating Income Margin</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">23,9%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>EBITDA Reconciliation, adjusted EBITDA and adjusted
EBITDA Margin</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>(<I>Description of the Account in millions of Reais</I>)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Year ended:</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 66%; padding: 1.4pt 4.25pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 32%; padding: 1.4pt 4.25pt; text-align: center; text-indent: 10.25pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 2%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Net income &#8211; Ambev</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>14.501,9</B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Non-controlling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;458,5 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Income tax and social contribution expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;75,5 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Income before taxes </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;15.035,9 </B></FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in the results of joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;185,4 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Net financial results</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;3.609,8 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Exceptional items</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;206,4 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Depreciation, Amortization &#8211; total*</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6.417,9 </FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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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 STYLE="width: 67%; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 33%; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;25.455,4 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Exceptional items without investments write-off</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(206,4)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in the results of joint ventures</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;(185,4)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>EBITDA </B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>25.063,6 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Net revenue</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">79.736,9 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Adjusted EBITDA Margin</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">31,9%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">*considering investments write-off</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Exceptional items</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: top; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Year ended:</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; width: 66%; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of the Account (in millions of reais)</FONT></TD>
    <TD STYLE="width: 34%; padding: 1.4pt 4.25pt; text-align: center; text-indent: 11.7pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Restructuring<SUP>(i)</SUP></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(109,4)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Effect of applying IAS 29/CPC 42 (hyperinflation)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(2,3)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Fees<SUP>(ii)</SUP></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(94,7)</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>TOTAL</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>(206,4)</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0 14.1pt 0 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0 14.1pt 0 0; text-align: justify; color: #00348D">(i) Restructuring expenses relate primarily to
centralization and sizing projects in Latin America - South, CAC and Brazil.</P>

<P STYLE="font: 9pt Avantt; margin: 0 14.1pt 0 0; text-align: justify; color: #00348D">(ii) legal fees in connection with litigation related
to warrants issued by Cervejaria Brahma in 2003. Several lawsuits were filed challenging the criteria used in calculating the exercise
price of such warrants. In 2023, as successors of Cervejaria Brahma, we obtained definitive favorable decisions on the matter, which was
already classified as a remote loss.</P>

<P STYLE="font: 11pt Avantt; margin: 0 14.1pt 0 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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>


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<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>PUT CND Exercise </I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">As disclosed in note 1 - General Information, on January
31, 2024, ELJ exercised its option to sell to the Company a 12,11% stake in Tenedora&#8217;s shares, corresponding to Tranche A, in accordance
with the provisions of the Shareholders&#8217; Agreement. The instrument was settled through: (i) a cash disbursement by the Company in
the amount of R$ 1.704 million, and (ii) offset of ELJ&#8217;s debt held by the Group in the amount of R$ 335 million. As a result of
this transaction, the Group now hold a 97,11% stake in Tenedora, with the remaining 2,89% held by ELJ, corresponding to Tranche B, as
disclosed in note 29 - Financial Instruments and Risks.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>IPI Excise Tax Suspension</I></P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">As disclosed in note 17 - Provisions, Contingent
Liabilities and Contingent Assets, on December 31, 2023, the Company awaited to be served of the appellate decision rendered by the Superior
Chamber of Tax Appeals (CSRF), which partially granted the Special Appeal filed by Ambev regarding the suspension of IPI. In January 2024,
the Company was served with the decision, resulting in a 98% reduction of the assessed amount, equivalent to approximately R$ 916 million.
Regarding the remaining portion of the debt, the Company will pursue legal action seeking its full cancellation.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>Presumed Profit - Arosuco</I></P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In February 2024, CARF issued a unanimous favorable
decision in the administrative process discussing Arosuco&#8217;s (a subsidiary of Ambev) use of the presumptive profit method for calculating
IRPJ and CSLL instead of actual profit. The amount classified as a possible contingency for the process was R$ 633,4 million on December
31, 2023 (R$ 581,5 million on December 31, 2022). The Company is currently awaiting the formalization and service of the appellate decision
to assess, together with its external advisors, any potential impacts on the contingency risk classification and take any necessary measures.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>Exploitation profit</I></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In February 2024, CARF rendered a partially favorable,
unanimous decision in the administrative process discussing the disallowance of the Income Tax reduction benefit, provided by Provisional
Measure No. 2,199-14/2001, which benefited Arosuco, subsidiary of the Company dedicated to the production of concentrates, located in
the Manaus Free Trade Zone, during the years 2015 to 2018. The decision partially granting the appeal filed by Arosuco recognized the
full enjoyment of the tax incentive, maintaining only a portion of the assessment related to the difference in calculation methodology
between the tax authorities and the taxpayer. The portion related to the tax incentive amounts to approximately R$ 2.6 billion and the
portion related to the calculation difference amounts to approximately R$ 0,02 billion. The Company is currently awaiting the formalization
and service of the appellate decision to assess, together with its external advisors, any impacts of the judgment on the contingency risk
classification, as well as to take any necessary measures.</P>


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<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>2.7 &#8211; The Management should comment on the
allocation of social results, indicating:</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 27%; border: black 1pt solid; padding: 1.4pt 4.25pt 1.4pt 6.6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 73%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 7.15pt; padding-left: 7.95pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: -0.1pt"><B>2023</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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt"><B>(a</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">)&#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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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>
  <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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt"><B>a.i. Amounts of Profit Retention (1)</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt 7.15pt 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$&nbsp;6.282.940.015,64</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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt"><B>a.ii. Percentual with respect to all declared profits</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding: 1.4pt 7.15pt 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">35,33%</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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt"><B>(b</B></FONT><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">)&#9;Rules on <FONT STYLE="letter-spacing: -0.05pt">distribution of dividends</FONT></FONT></B></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 7.15pt; padding-left: 4.25pt; text-align: justify; text-indent: 0.25pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; 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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; 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: 9pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(1) Including values relating to (i) reversion of effects
of the revaluation of fixed assets in the amount of R$ 11.823.167,53; and (ii) effect of application of IAS 29/CPC 42 (hyperinflation)
in the amount of R$ 3.269.378.000,00, as detailed in <U>Exhibit A.II</U> to the Management Proposal.</P>

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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>2.8 &#8211; The Management should describe the
material items not reflected in the issuer&#8217;s financial statements, indicating:</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Tahoma, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 11pt"><B><I>(i)</I></B></FONT><B><I><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt; font-size: 11pt">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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><I>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfinished
construction agreements </I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Agreements
for future financing receipts </I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Not applicable, since there is no material item not
reflected in Company&#8217;s accounting statements for fiscal year ended December 31, 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(b) Other items not reflected in the financial
statements</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Not applicable, since there is no material item not
reflected in Company&#8217;s accounting statements for fiscal year ended December 31, 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">As mentioned in item 2.8 above, there are no items
that were not reflected in the accounting statements for fiscal year ended December 31, 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(b) Nature and purpose of the transaction</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">As mentioned in item 2.8 above, there are no items
that have not been reflected in the accounting statements for fiscal year ended December 31, 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">As mentioned in item 2.8 above, there are no items
that have not been reflected in the accounting statements for fiscal year ended December 31, 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(a)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Investments,
including:</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(i) quantitative and qualitative description
of existing and anticipated investments</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>


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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">In 2023, the investment in consolidated property,
plant and equipment and intangible assets amounted to R$ 6.004,1 million, consisting in R$ 3.365,5 million for our business segment in
Brazil, R$593,4 million for our business segment in CAC, R$ 782,2 million related to investments in our operations in LAS and R$ 1.263
million related to investments in Canada.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(ii) sources of financing for investments</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(iii) relevant divestments in progress and anticipated
</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">There are no significant divestments foreseen on the
date of this Exhibit.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;New
products and services, indicating:</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(i) description of the research in progress
already disclosed,</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><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, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(iii) projects under development already disclosed,
and</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(iv) total amounts spent by the issuer on the
development of new products or services.</I></B></P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">Even though COVID-19 pandemic has created significant
challenges for our business during the most acute stages of the pandemic, it has also accelerated consumer trends in which we have been
investing, particularly 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.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">We maintain an innovation, research, and development
center, in the city of Rio de Janeiro, State of Rio de Janeiro<I>, </I>at <I>Universidade Federal do Rio de Janeiro</I> (UFRJ). This center
(ZITEC &#8211; <I>Centro de Tecnologia e Inova&ccedil;&atilde;o</I>) started its operations in the last months of 2017. 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&#8217;s studies so to
capture future trends. ZITEC enabled Ambev to reduce its innovation launch period from eight to four months.</P>


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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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 &#8220;caipirinha&#8221; 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 &#8220;The Best Packaging Technology&#8221;
in 2022 by ABRE (Brazilian Packaging Association), reinforcing our sustainability commitment.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><FONT STYLE="font-weight: normal">In 2023, we launched
a new version within our Beats line, the Beats Tropical, which has demonstrated strong results since its launch and continued as a popular
choice during the 2024 Carnival holiday in Brazil. In the non-alcoholic category, we reformulated Guaran&aacute; Zero and launched the
first non-alcoholic beer with added vitamin D in the world, Corona Sunbrew. We also introduced, in 2023, Stella Pure Gold, our low-calorie
gluten-free beer, which performed strongly. Our investment in innovation, research and development contributed to our brands winning 140
medals in various beer competitions around the world, including gold medals for Brahma Duplo Malt at the World Beer Awards and Antarctica
Original at the Brussels Beer Challenge competition</FONT>.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The investment made in the development center in the
last three years was of approximately R$ 91,8 million, including R$ 11,0 million in 2021, R$ 36,0 million in 2022 and R$ 44,8 million
in 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">In 2023, in addition to new products and packaging,
we continued to provide convenience and innovation to our clients and consumers through BEES, Z&eacute; Delivery and Ta Da, which are
one of our main digital platforms. More than 92% of our active clients in Brazil purchased through BEES in 2023 and almost 79% 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 15 thousand new clients to our year base, not to mention the best NPS of all times. At BEES Marketplace we currently
offer more than 650 SKUs in different categories such as food products, nonalcoholic beverages and hard liquor. The number of clients
purchasing in the marketplace was equal to approximately 85% of BEES&#8217; clients on December 31, 2023. Z&eacute; Delivery also continued
to grow in 2023, being present in over 700 cities and in all 27 Brazilian states, reaching approximately 70% of the country&#8217;s total
population. Z&eacute; Delivery delivered more than 60 million orders in the year and had almost 6 million monthly active users on December
31, 2023.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">At LAS, our digital transformation journey is also
evolving with the implementation of BEES. In Argentina, more than 75% of the B2B buyers are purchasing through BEES and more than 90%
of the net revenue of the country comes from the platform. The number of clients purchasing in the marketplace corresponded to more than
50% of the BEES clients on December 31, 2023. In Paraguay, 82% of the direct and indirect B2B sales are made through BEES, with total
digital buyers representing 70% of the total number of clients. In Bolivia, 47% of the direct and indirect B2B sales are made through
BEES, with total digital buyers representing 42% of the total number of clients in year ended December 31, 2023. At LAS, Ta Da in Argentina,
result of the merger of App Bar with and into the Direct-to-Consumer platforms called <I>Siempre en Casa and</I> Craft Society, continued
to grow in 2023. The Platform is present in 49 cities, with over 1 million orders, increasing 6% in 2023 compared to 2022 and monthly
active users decreasing 11% compared to 2022. In Paraguay, Ta Da is present in 28 cities, covering almost 50% of the population, with
the number of orders increasing 65% in 2023 compared to 2022 and monthly active users increasing 40% in 2023 compared to 2022.</P>


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

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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 89% of the B2B clients purchasing through the platform and more than 97% of the net revenue of the country coming from BEES.
We are also exploring the BEES Marketplace in the country, with 15 different categories available and 300 SKUs for our clients. In Panama,
we also continue to implement BEES, with more than 100% of the country&#8217;s net revenue in 2023 deriving from the platform. At CAC,
Ta Da in Dominican Republic continued its expansion in 2023, with the number of orders increasing 84% in 2023 compared to 2022 and monthly
active users increasing 89% year-on-year since 2022.</P>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(d)</B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<B>Opportunities
included in the issuer&#8217;s business plan related to ESG issues</B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Since the creation of Ambev, sustainability has been
part of our business strategy.</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">As business opportunities related to ESG issues we
have:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #00348D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(i)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">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: 11pt Avantt; margin: 0 0 0 28.35pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #00348D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(ii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">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: 11pt Avantt; margin: 0 0 0 0.5in; color: #00348D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #00348D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(iii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">commitments with partners in our supply chain, accelerating
their decarbonization (Connecting for a Better World), entering into agreements to reduce our Scope 3 emissions, sharing best practices,
training and advisory. In Brazil, more than 200 companies, representing 70% of the Company&#8217;s emissions in that country, in addition
to the implementation in Brazil and Argentina of the global platform Eclipse, which in addition to offering more personalized and in-depth
monitoring with each company, also includes contractual clauses relating to sustainability (ESG matters);</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: 0; margin-bottom: 12pt; color: #00348D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(iv)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">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: 11pt Avantt; margin: 0 0 0 28.35pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #00348D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(v)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">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: 11pt Avantt; margin: 0 0 0 28.35pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #00348D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(vi)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">increased availability and encouragement of returnable
bottles in the portfolio, which have a lower carbon footprint due to greater packaging circularity, in addition to increasing customer
loyalty and reducing the amount spent on the product purchased. The solution is offered at several points of sale, as well as offered
by our sales platforms such as Z&eacute; Delivery, which also collect containers that will be reused in production;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 0.5in; color: #00348D">&nbsp;</P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(vii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">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>


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<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(viii)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">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; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 0.5in; color: #00348D">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 12pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 12pt; color: #00348D"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 28.35pt"><FONT STYLE="font-family: Avantt; font-size: 11pt">(ix)</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">improvement of the Company&#8217;s governance and transparency
system, compared to companies in the same industry. </FONT></TD></TR></TABLE>

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<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">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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<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; text-align: center; color: #00348D"><FONT STYLE="text-transform: uppercase"><B><U>EXHIBIT
A.II &#8211; ALLOCATION OF NET PROFIT </U></B></FONT></P>

<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; text-align: center; color: #00348D">(as exhibit A to CVM Resolution 81/22)</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>1.&#9;Net profit for the year</B></FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 59%; border: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Avantt; color: #00348D">Net profit as per corporate law</FONT></TD>
    <TD STYLE="width: 41%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 14.501.943.640,79&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-top: 3pt; padding-bottom: 3pt; text-align: center">&nbsp;</TD></TR>
  </TABLE>

<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>2.&#9;Overall value and value per share of the dividends, including interim dividends and interest on own capital (IOC) already declared</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 56%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">Overall value of dividends and IOC (gross) </FONT></TD>
    <TD STYLE="width: 44%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: center; color: #00348D">R$ 11.500.204.792,68</P>
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: center; color: #00348D">&nbsp;</P></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-family: Avantt; color: #00348D">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; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 9.999.032.981,01</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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; text-align: center">&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-family: Avantt; color: #00348D">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; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">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; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 11.500.204.792,68</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">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; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 9.999.032.981,01</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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; text-align: center">&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-family: Avantt; color: #00348D"><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; text-align: center">&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-family: Avantt; color: #00348D">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; text-align: center">&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-family: Avantt; color: #00348D">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 0,6207</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&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-family: Avantt; color: #00348D">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; text-align: center">&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-family: Avantt; color: #00348D">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 0,7302</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&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-family: Avantt; color: #00348D"><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; text-align: center">&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-family: Avantt; color: #00348D">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; text-align: center">&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-family: Avantt; color: #00348D">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&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">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&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-family: Avantt; color: #00348D"><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; text-align: center">&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-family: Avantt; color: #00348D">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; text-align: center">&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-family: Avantt; color: #00348D">Common</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 0,6207</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; 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; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-left: Black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">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; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-left: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">Common</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 0,7302</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-top: 6pt; padding-bottom: 6pt; text-align: justify">&nbsp;</TD></TR>
  </TABLE>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>3.&#9;Percentage of net profit distributed for the fiscal year</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; width: 48%"><FONT STYLE="font-family: Avantt; color: #00348D">Percentage of net profit distributed for the fiscal year</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: center; line-height: 115%; width: 52%"><FONT STYLE="font-family: Avantt; color: #00348D">79,30%</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: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">Net percentage of net profit distributed</FONT></TD>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">68,95%</FONT></TD></TR>
  </TABLE>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><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; background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 12pt/115% Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #00348D; line-height: 115%">In 2023, dividends based on the profit of previous years were not distributed.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 25.9pt; text-align: justify; text-indent: -27pt; color: #00348D"><FONT STYLE="font-family: Avantt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Avantt">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/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">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: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 25.9pt; text-align: justify; text-indent: -27pt; color: #00348D"><FONT STYLE="font-family: Avantt"><B>b)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Avantt">The manner and period for the payment of dividends and interest on own capital.</FONT></B></P>
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">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: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 25.9pt; text-align: justify; text-indent: -27pt; color: #00348D"><FONT STYLE="font-family: Avantt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Avantt">Possible restatement and interest falling due on dividends and interest on own capital.</FONT></B></P>
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">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: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt 25.9pt; text-align: justify; text-indent: -27pt; color: #00348D"><FONT STYLE="font-family: Avantt"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
    </FONT><FONT STYLE="font-family: Avantt">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/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">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 Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; color: #00348D">&nbsp;</P>

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<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; color: #00348D"></P>

<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 100%">
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D"><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/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D"><B>a) State the amount of the dividends and interest
    on own capital already declared</B></P>
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D"><B>b) State the date of the respective payments</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; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">Total amount of interest on own capital already
declared related to the fiscal year ended on December 31, 2023, based on profits assessed in balance sheets prepared every six months
or in shorter periods:</P>

<P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">Gross: R$ 11.500.204.792,68</P>

<P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">Net of Withholding Income Tax (IRRF) on IOC: R$
9.999.032.981,01</P></TD></TR>
</TABLE>
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 76%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">Board of Directors&rsquo; Meeting held on December 12, 2023</P>
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">Payment date: December 28, 2023</P>
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">Total Gross Amount: R$11.500.204.792,68</P>
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">Total Net Amount: R$ 9.999.032.981,01</P></TD>
    <TD STYLE="white-space: nowrap; width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: center; color: #00348D">IOC</P>
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: center; color: #00348D">(exempt from WHT)</P></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: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">Common</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">0,7302</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: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">GROSS IOC</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: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">Common</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: right"><FONT STYLE="font-family: Avantt; color: #00348D">0,6207</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: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">NET IOC</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: 3.5pt; padding-left: 3.5pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">Common</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: right">&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: 3.5pt; padding-left: 3.5pt; text-align: right">&nbsp;</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: right">&nbsp;</TD></TR>
  </TABLE>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="border: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>7.&#9;Comparative table presenting the following values per share of each type and class</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: windowtext 1pt solid; border-bottom: windowtext 1pt solid; border-left: windowtext 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt Avantt; margin: 6pt 0; color: #00348D"><B>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net profit for the fiscal year
and the previous three fiscal years.</B></P></TD></TR>
</TABLE>
    <P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="white-space: nowrap; width: 80%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>Profit per share:</B></FONT></TD>
    <TD STYLE="width: 20%; 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-family: Avantt; color: #00348D">Common (R$)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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-family: Avantt; color: #00348D">0,92</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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-family: Avantt; color: #00348D">0,92</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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-family: Avantt; color: #00348D">0,81</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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-family: Avantt; color: #00348D">0,72</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>Profit per share (net of treasury shares)</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">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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-family: Avantt; color: #00348D">0,92</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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-family: Avantt; color: #00348D">0,91</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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-family: Avantt; color: #00348D">0,80</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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-family: Avantt; color: #00348D">0,72</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; width: 100%"><P STYLE="font: 11pt Avantt; margin: 6pt 0; text-align: justify; color: #00348D"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
and interest on own capital distributed during the previous three fiscal years.</B></P></TD></TR>
  </TABLE>
      <P STYLE="font: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 54%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 46%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">Under the corporations laws (R$)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>2022</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">&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: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividend per share:</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-family: Avantt; color: #00348D">Common</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividends</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-family: Avantt; color: #00348D">0,0000</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">IOC (gross)</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-family: Avantt; color: #00348D">0,7623</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">IOC (net)</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-family: Avantt; color: #00348D">0,6480</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>2021</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">&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: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividend per share:</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-family: Avantt; color: #00348D">Common</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividends</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-family: Avantt; color: #00348D">0,1334</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">IOC (gross)</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-family: Avantt; color: #00348D">0,4702</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">IOC (net)</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-family: Avantt; color: #00348D">0,3996</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>2020</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">&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: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividend per share:</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-family: Avantt; color: #00348D">Common</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividends</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-family: Avantt; color: #00348D">0,0767</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">IOC (gross)</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-family: Avantt; color: #00348D">0,4137</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; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">IOC (net)</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-family: Avantt; color: #00348D">0,3516</FONT></TD></TR>
  </TABLE>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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, 2023 to its composition.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D">Not applicable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D">&nbsp;</P>

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<P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><B>10.&#9;Mandatory dividend</B></FONT></TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; width: 100%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; color: #00348D"><B>a) Describe the manner of calculation as provided on the bylaws</B></P>
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">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/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D">Not applicable.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D">No mandatory dividends were withheld. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D">There were no allocations of earnings to the contingencies reserve.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D">There were no allocations of earnings to the reserve for future profits.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; font-size: 11pt; color: #00348D; line-height: 115%"><BR STYLE="clear: both">
</FONT><FONT STYLE="font-family: Avantt; color: #00348D"><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-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D"><B>a) Describe the statutory clauses establishing the reserve.</B></P>
    <P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D">&nbsp;</P>
    <P STYLE="font: 11pt/115% Avantt; margin: 0; text-align: justify; color: #00348D">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>

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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="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D"><B>b) Identify the amount intended for the reserve.</B></P>
</TD></TR>
  </TABLE>
  <P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><B>RESERVE FOR INVESTMENT</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 72%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D">Proposed allocation</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 28%; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; border-right: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 3.730.197.243,38</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="border: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt"><P STYLE="font: 11pt/115% Avantt; margin: 0; color: #00348D"><B>c) Describe how the amount was calculated.</B></P>
</TD></TR>
  </TABLE>
  <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: bottom; background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: center; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D"><B>CALCULATION OF THE RESERVE FOR INVESTMENT (R$)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; width: 64%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D"><B>Net profit for the year</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 36%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">14.501.943.640,79</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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">Reversal of the effect of revaluing fixed assets using historic cost (1)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">11.823.167,53</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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">Effect of the application of IAS 29/CPC 42 (hyperinflation) (2)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">3.269.378.000,00</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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">Tax incentives reserve </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">(2.552.742.772,26)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D"><B>Subtotal</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: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">15.230.402.036,06</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&nbsp;</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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">Dividends distributed</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">-</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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">Interest on own capital distributed</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">(11.500.204.792,68)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D"><B>Subtotal</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: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">3.730.197.243,38</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">Expired dividends</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: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D"><B>Subtotal</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: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">3.730.197.243,38</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%">&nbsp;</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: right; line-height: 115%">&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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">Reserve for investments</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: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">(3.730.197.243,38)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&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-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D"><B>Outstanding balance to be distributed</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">-</FONT></TD></TR>
  </TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
  <TD STYLE="border-bottom: Black 1pt solid; width: 100%; border-left: Black 1pt solid; border-right: Black 1pt solid"><P STYLE="font: 9pt/115% Avantt; margin: 6pt 0; text-align: justify; color: #00348D">(1) 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.</P>

<P STYLE="margin: 0; font-family: Avantt; color: #00348D; line-height: 115%"><FONT STYLE="font-size: 9pt">(2) According to described in
Note 3.4 to the Consolidated Financial Statements of December 2023, on July 1st, 2018, considering that the accrued inflation in the previous
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><FONT STYLE="font-size: 11pt">.</FONT></P>
</TD></TR>
</TABLE>

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

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

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

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt"><FONT STYLE="font-family: Avantt; color: #00348D">None. </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; margin: 0 0 6pt; color: #00348D"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 100%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; color: #00348D"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of earnings
    to the reserve for tax incentives:</B></P>
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; color: #00348D"><B>a) State the amount allocated to the reserve</B></P>
    <P STYLE="font: 11pt/115% Avantt; margin: 6pt 0; color: #00348D"><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: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">It is proposed allocating to the Reserve for Tax Incentives a total amount of R$ 2.552.742.772,26 of which (i) R$ 2.466.915.081,72 refer to state ICMS tax incentives received by several of the Company&#8217;s units; (ii) R$ 85.071.980,70 refer to tax incentives in the state of Sergipe pursuant to Law No. 5.382/04; and (iii) R$&nbsp;755.709,84 refer to Federal Income Tax Reinvestment Incentives granted by SUDENE, pursuant to article 19 of Law No. 8167/91.</FONT></TD></TR>
  </TABLE>
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<P STYLE="font: 11pt/115% Avantt; margin: 0; text-align: center; color: #00348D">* * *</P>


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<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; text-align: center; color: #00348D"><FONT STYLE="font-variant: small-caps"><B><U>Exhibit
A.III &ndash; Information of the Candidates to the position of Member of the Company's Fiscal Council</U></B></FONT></P>

<P STYLE="font: 10pt/115% Avantt; margin: 0 0 10pt; text-align: center; color: #00348D"><I>(as items 7.3 to 7.6 of Exhibit C to CVM Resolution
80/22)</I></P>

<P STYLE="font: 10pt/13.55pt Avantt; margin: 1.45pt 0 0; color: #00348D"><B>7.3 - In relation to each of the members of the issuer&rsquo;s
fiscal council, indicate in the table below: </B></P>

<P STYLE="font: 10pt/10pt Avantt; margin: 0.2pt 0 0; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="width: 20%; border: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><B>Name</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><B>Date of Birth</B></FONT></TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><B>Management body</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><B>Date elected</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><B>Term of office</B></FONT></TD>
    <TD STYLE="width: 13%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><B>Start date of the first term of office</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <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 Avantt; margin: 2.6pt 0 0; text-align: center; color: #00348D"><B>Taxpayer No. (CPF)</B></P>
    <P STYLE="font: 10pt/10pt Avantt; margin: 0.2pt 0 0; text-align: center; color: #00348D">&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; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><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; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><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; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><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; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><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; text-align: center; 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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Jos&eacute; Ronaldo Vilela Rezende</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">June 7, 1962</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">04/30/2024</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Until the 2025 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Accountant</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council (effective member) / elected by the controlling shareholder</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">05/09/2024 (estimate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-top: 2pt; padding-left: 0.65pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Elidie Palma Bifano</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">May 16,1947</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="padding-top: 2.05pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">04/30/2024</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Until the 2025 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Lawyer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council (effective member) / elected by the controlling shareholder</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">05/09/2024 (estimate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; 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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Emanuel Sotelino Schifferle</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">February 27, 1940</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">04/30/2024</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Until the 2025 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council (alternate member) / elected by the controlling shareholder </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">05/09/2024 (estimate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; 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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Eduardo Rogatto Luque</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">July 6, 1969&nbsp;</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">04/30/2024</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Until the 2025 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Accountant</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council (alternate member) / elected by the controlling shareholder</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 2.05pt; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">05/09/2024 (estimate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Yes</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fabio de Oliveira Moser</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">December 26, 1976</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">04/30/2024</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Until the 2025 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">05/03/2023</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Administrator</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">05/09/2024 (estimate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">No</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Jo&atilde;o Vagnes de Moura Silva</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">October 10, 1971</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="padding-top: 2.05pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">04/30/2024</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Until the 2025 AGM</FONT></TD>
    <TD STYLE="padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">05/09/2024 (estimate)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">584.043.411-68</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Electric Engineer</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-align: justify; line-height: 9pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">05/09/2024 (estimate)</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">No</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 10pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt/10pt Avantt; margin: 0.2pt 0 0; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 98%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #DBE5F1"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><B>Professional <FONT STYLE="background-color: #DBE5F1">experience / Autonomy Criteria / Declaration of any convictions (type of conviction and description of the conviction)</FONT></B></FONT></TD>
    <TD STYLE="width: 2%; background-color: gainsboro">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D"><B>Jos&eacute; Ronaldo Vilela Rezende &ndash;
501.889.846-15</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D">Mr. Rezende holds the position of effective member
of the Company&rsquo;s Fiscal Council and is the current President of the body. 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 in the Americas (2009 to 2014); and was the partner
responsible at <FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">PricewaterhouseCoopers Brazil for delivering Risk Assurance
Services (RAS) (relating to auditing processes and systems). Mr. Rezende is a certified fiscal council member by the Brazilian Institute
of Governance (IBGC). 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. He is not a politically exposed person
under the current legislation.</FONT></P>

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<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Elidie Palma Bifano - 395.907.558 - 87</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D">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; and (iii) Professor of the <I>strictu sensu
</I>post-graduation courses of IBDT, IBET, CEU, COGEAE/ PUC. In addition, she was a 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. She is not a politically exposed person under the current legislation.</P>

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<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D"><B>Emanuel Sotelino Schifferle - 009.251.367-00</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D">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 former listed company whose main activity was 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; 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. He is not a politically
exposed person under the current legislation.</P>

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<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="color: #00348D; font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify"></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Eduardo Rogatto Luque - 142.773.658-84</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>
<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 16.2pt 0 0; text-align: justify">Mr. Luque holds the position of alternate member
of the Company&rsquo;s Fiscal Council. Over the past five 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;sa S.A.; (v) member of the Board of Directors and president of the Audit Committee of
Cantu Store S.A.; (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), Brazilian Institute of Governance (IBGC) and the Brazilian Accounting Institutes (CRC and CFC); (ix) partner
at PricewaterhouseCoopers from 2004 to 2016, a company he worked for 27 years, with a 3 year exchange program in the US), with major experience
serving important companies including in processes 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. He is not a politically exposed person under the current legislation.</P>

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<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D"><B>Fabio de Oliveira Moser - 777.109.677-87</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="color: #00348D; font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify">Mr. Moser holds the position of effective member
of the Company&rsquo;s Fiscal Council. In the past five years, he has been a partner at Moser Consultoria. Over the years, he has also
held positions as (i) director and senior adviser at RK Partners (2015 and 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 and Brasil
Telecom Participa&ccedil;&otilde;es; (v) coordinator of (a) the Institutional Investors Commission (IBGC) from 2010 to 2012, and (b) the
Technical Commission of Investments of ABRAPP from 2008 to 2010; and (vi) Chief Investment Officer of Banco do Brasil&rsquo;s Employees&rsquo;
Pension Fund - Previ between 2008 and 2010. Mr. Moser was elected by the minority shareholders. Mr. Fabio de Oliveira Moser 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 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.
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. He is not a politically exposed person under the current legislation.</P>

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<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D"><B>Joao Vagnes de Moura Silva - 584.043.411-68</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="color: #00348D; font: 10pt Avantt; margin: 0 16.2pt 0 0; text-align: justify">Mr. Silva holds the position of Finance Executive
Director at Banco do Brasil S.A. In the past 5 years, he has held positions as Controllership Director at Banco do Brasil S.A., in addition
to Executive Director at BB DTVM and President at BB Tecnologia e Servi&ccedil;os S.A. Mr. Silva was appointed by the minority shareholders.
Mr. Joao Vagnes de Moura Silva 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. He is not a politically exposed person under the current legislation.</P>

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<P STYLE="font: 10pt Avantt; margin: 0 0.6pt 0 0; text-align: justify; color: #00348D"><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 Avantt; margin: 0 0.6pt 0 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Avantt; margin: 0 0.6pt 0 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt; font-size: 10pt">members of Company's Management:</FONT></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Company&rsquo;s management.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt; 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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>d)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt; font-size: 10pt">members of Company's management and of its direct and indirect parent companies:</FONT></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>7.6 - Inform about relationships of subordination, rendering
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 subsidiaries or parent companies, or subsidiaries of any of these persons</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt; 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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">Not applicable, since there are no relations of subordination,
rendering 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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>b)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt; font-size: 10pt">Company&rsquo;s direct or indirect controlling shareholder:</FONT></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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>

<P STYLE="font: 10pt Avantt; margin: 0; color: #00348D">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>c)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt; 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 Avantt; margin: 0; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0; text-align: center; color: #00348D">***</P>


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<P STYLE="font: 11pt/115% Avantt; margin: 0 0 10pt; text-align: center; color: #00348D"><FONT STYLE="text-transform: uppercase"><B><U>Exhibit
A.IV &ndash; Compensation of the Management</U></B></FONT></P>

<P STYLE="font: 10pt Avantt; margin-top: 0; margin-bottom: 12pt; text-align: center; color: #00348D">(as Item 8 to Exhibit C to CVM Resolution 80/22)<B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation
of the managers</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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 Avantt; margin: 0; text-align: justify; color: #00348D"><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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The compensation practice for the members of the Board of
Directors, the statutory and non-statutory board of officers and the Fiscal Council 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, seeking to attract and retain the right people necessary to conduct the business. 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 for the management of the Company,
and the interests of the management are aligned with those of shareholders.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The Company has a &quot;Compensation and Stock Option Policy
for the Board of Officers&quot;, whose provisions were consolidated and approved at a meeting of the Board of Directors held on September
19, 2018. Such policy establishes guidelines for determining compensation only for members of the Company&rsquo;s statutory board of officers
(&ldquo;<U>Board of Officers</U>&rdquo;) and may be found on the CVM website and at the following electronic address: <U>https://ri.ambev.com.br</U>,
by clicking initially on the section &ldquo;Corporate Governance&rdquo;, then in &ldquo;Policies, and Codes and Regulations&rdquo;, select
&ldquo;Compensation Policy for the Board of Officers&rdquo; and, finally, click on the link to access the document.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">There is no policy formally approved for the compensation
of the non-statutory board of officers, the Board of Directors and its advisory committees, nor the Fiscal Council.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Practices
and procedures adopted by the Board of Directors to define the individual compensation of the Board of Directors and Board of Officers,
appointing:</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">In addition to the CEO and the People and Management area
of the Company, as described in subitem (ii) below, the People Committee and the Board of Directors 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.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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. In addition, the People
Committee is responsible for 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;) that do not concern
the members of the Board of Directors, the Board of Officers and the presidents of the business units of the Company, as well as by the
definition of grants and concessions directed to employees in general.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">On the other hand, the Board of Directors is responsible
for deciding on the recommendations of the People Committee and determining the individual compensation of the members of the Management
of the Company, subject to the annual global limit set by the Shareholders&rsquo; General Meeting, as well as determining the general
criteria for compensation, granting options / granting shares within the scope of the Plans, and benefits (indirect benefits, profit sharing,
among others) of the managers and presidents of the Company&rsquo;s business units. For more information about the Plans, please refer
to item 8.4 of the Reference Form.</P>


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<P STYLE="font: 11pt Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The fixed and variable individual compensation of the members
of the Board of Directors and the members of advisory committees of the Board of Directors who receive compensation, under the terms of
this item 8, is defined based on market studies intended to guarantee the alignment of Company&rsquo;s practices with the best available
references and maintain the competitiveness of its compensation strategy. Said studies rely on a sample composed by large publicly held
companies (i.e., companies that have net revenue exceeding R$10 billion reais per year) aiming to identify the practice of such companies
in all different compensation components, considering the business model, risks and complexity of activities to be performed by the managers.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">Additionally, the individual compensation of the members
of the Board of Directors is updated annually based on the IPCA variation. All directors receive the same compensation, except 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 members, do not receive any additional fees from the Company; and (ii) a director compensated by the Company has
different compensation due to his unique experience in the sector in which the Company operates, his greatest attributions and longer
time of dedication.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The fixed and variable individual compensation of the members
of the Board of Officers is also defined based on market studies, using as reference the average of the group of companies classified
as &ldquo;first-moving consumer goods&rdquo; (i.e., regardless of the size of revenue and if publicly held companies). In addition, the
Company relies on the Hay evaluation methodology to define the positions and salary range of Officers.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 also 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 before being presented for evaluation by the People Committee to subsequently be submitted for consideration by the Board of
Directors.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">Annually, the People Committee evaluates the attraction and
retention practice of the Company&rsquo;s talents, which includes the analysis of the need to adapt the compensation practices adopted
by the Company, reporting the results of such evaluation to the Board of Directors. If this Committee deems it necessary, it is proposed
to the Board of Directors to adjust these practices. The Board of Directors annually analyzes the results of the evaluation made by the
People Committee to decide on possible adjustments to adapt the compensation practice adopted by the Company.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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, phantom
stocks or stock to be granted to such executive, are reviewed and validated by the Board of Directors annually.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Structure
of the compensation, appointing:</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><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>


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<P STYLE="font: 11pt Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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, as advised by the People Committee, in
line with what is described in subitem (b) above.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The elements of the compensation of these bodies are described
below:</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">a) Board of Directors</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The compensation of the members of the Board of Directors
is divided into: (i) a fixed compensation, in the form of compensation for management services rendered, which is in line with market
average, as described in subitem (b)(ii) above; and includes direct and indirect benefits, such as medical and dental care, granted through
Zerrenner Foundation (i.e., they do not consist in Company&rsquo;s expenses and are not considered for the purposes of direct and indirect
benefits of the latter); and (ii) a variable compensation, as described below, considering the sustainable growth of the Company and its
long-term businesses, designed to stimulate and reward significant accomplishments.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The members of the Board of Directors are not entitled to
compensation for participation in committees.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">Additionally, certain members of the Board of Directors,
as a post-employment benefit, participate in a private pension fund offered by the Company, to which the Company also makes partial contributions,
as described in item 8.14 of the Reference Form and which, in the event of dismissal, also represents a benefit motivated by the termination
of office. The members of the Board of Directors are not entitled to other post-employment benefits.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">b) Board of Officers</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The Board of Officers have their compensation divided into
fixed and variable components, i.e.: (i) the base salary (the fixed component) in line with market average, as described in subitem 8.1(b)(ii)
above, plus the benefits indicated below, (ii) the variable compensation paid in the form of profit sharing / bonus, as described below,
and Share Value Rights (in the case of executives identified as having high potential for the long term), and (iii) the long-term incentives
consisting of share-based compensation.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The members of the Board of Officers are not entitled to
compensation for participation in non-statutory committees.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">Within the context of the share-based compensation, the members
of the Board of Officers are offered options and/or shares granted within the scope of the Plans. The goal of this portion of the compensation,
together with the variable compensation, is to stimulate the alignment of interests for long-term value generation.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The officers are entitled to the benefits equivalent to those
provided for in the benefits policy of the Company, pursuant to item 10.3(b) 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, afforded
by the Zerrenner Foundation, as well as representation funds, which consist of cost allowance paid by the Company to employees, due to
transfers between companies and cities, and education allowance.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">Additionally, certain members of the Board of Officers, as
a post-employment benefit, participate in a private pension fund offered by the Company, to which the Company also makes partial contributions,
as described in item 8.14 of the Reference Form and which, in the event of dismissal, also represents a benefit motivated by the termination
of office. The members of the Board of Officers are not entitled to other post-employment benefits.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The People Committee and the Board of Directors participate
in the decision-making process to define the individual 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 and determining</P>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">the individual compensation of the members of the Company&rsquo;s
Board of Officers, 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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">In addition, the People Committee assesses the retention
practice of Company&rsquo;s talents annually, which includes an analysis of the need to adapt the compensation practices adopted by the
Company and reports the results of such evaluation to the Board of Directors. If the People Committee deems it necessary, it may propose
adjustments to these practices to the Board of Directors. The Board of Directors annually analyzes the results of the evaluation made
by the People Committee to decide on possible adjustments to adapt the compensation practice adopted by the Company.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">c) Fiscal Council</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 an 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 direct or indirect benefits, post-employment benefits or benefits motivated by the termination of office,
compensation for participation in committees or variable compensation. The fixed compensation attributed to Fiscal Council members is
annually updated based on IPCA variation.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">d) Committees</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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, exclusively receive annual fixed fees aligned with
the market average, and annually updated based on the IPCA variation, and are not entitled to receive any benefits (direct or indirect
benefits, post-employment benefits or benefits motivated by the termination of office), variable compensation or share-based 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 Avantt; margin: 0; text-align: left; color: #00348D"><B><I>Purposes and alignment with short, medium and long-term
interests</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The compensation form for the Company&rsquo;s management
bodies described above seeks to encourage the Company&rsquo;s managers to pursue the best profitability of the projects developed by it,
in order to align the interests of the managers with those of the Company.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">For the short term, the fixed compensation of the Company&rsquo;s
management is a compensation based on market research, as described in subitem (b)(ii) and (c)(i) above, 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, considering
the medium and long term, is verified by means of granting a substantial portion of compensation referred to those periods, i.e., of the
variable compensation and the share-based compensation.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The medium-term income is aligned with the compensation practice
of the Company as to the payment of bonus/profit sharing, which compose the compensation of the Company&rsquo;s Board of Officers and
Board of Directors. In this case, the income of the Company and of its management during the year will affect the amount to be assigned
as variable pay.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">Additionally, the Plans require 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>


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<P STYLE="font: 11pt Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The Stock Plan reinforces the need for a long-term commitment,
once, strictly speaking, the delivery of the Company&rsquo;s shares is contingent upon the executive tenure with the Company during a
vesting period of no less than three years, subject to the exceptions provided for in item 8.4 below.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 by encouraging
appreciation of the shares in the long term.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">As such, it is understood that the compensation practice
of the Company is totally aligned with the monitoring of its performance, which, therefore, reaffirms the sharing of the risk and the
potential profits between the management and the Company.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>Proportion in total compensation for the past three
fiscal years</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 31%; border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2023</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Committees</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fixed Compensation<FONT STYLE="font-style: normal"><SUP>(i)</SUP></FONT></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>43,08%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>19,26%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100%</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fees</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">43,08%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,46%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">100%</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Direct and indirect benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,80%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>6,15%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>18,26%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>50,77%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>62,48%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 31%; border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2022</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Committees</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fixed Compensation<FONT STYLE="font-style: normal"><SUP>(i)</SUP></FONT></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>33,40%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>23,24%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100%</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fees</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">33,40%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20,27%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">100%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">100%</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Direct and indirect benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,96%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>18,10%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>22,95%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0%</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>48,50%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>53,81%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/150% Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 31%; border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2021</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Committees</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fixed Compensation<FONT STYLE="font-style: normal"><SUP>(i)</SUP></FONT></B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>46,87%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>23,34%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,00%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>100,00%</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fees</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">25,97%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20,78%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">100,00%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">100,00%</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Direct and indirect benefits</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20,90%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,56%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Variable Compensation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>19,57%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>40,34%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>33,56%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>36,31%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/150% Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 9pt Avantt; margin: 0 1.35pt 12pt 14.2pt; text-align: justify; color: #00348D"><I>(i) 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-2024-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. </I></P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><I>Methodology for calculation and restatement
</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The overall compensation of the management, as approved
by the Annual Shareholders&rsquo; Meeting, is reviewed periodically based on market studies carried out as described in sub-item (b)(ii)
above and according to the terms of subitem (c)(ii) below, in addition to being 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 differentiation objectives in relation to the
market.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The portions of the management&rsquo;s fixed individual
compensation may be readjusted annually according to the adopted indexes and negotiated in accordance with the relevant methods and agreements.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The variable compensation, in the form of bonus/profit
sharing, is calculated as a multiple of fixed compensation, provided that the target conferred on the manager and the Company have been
achieved. For calculating variable compensation in the form of Share Value Rights, please refer to item 8.4 below.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Regarding the share-based compensation, for 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
calculation methodology related to the Stock Plan, please refer to item 8.4 below.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Both for purpose of fixed compensation and for purpose
of variable compensation and 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Please refer to sub-item (d) below for further information.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><I>Key performance indicators taken into account
therein, including, where applicable, indicators linked to ESG issues</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The key performance indicators for purposes of defining
the variable compensation of the Board of Officers 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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, 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. The performance indicators linked to ESG matters taken into account for the Board of Officers&rsquo; variable
compensation are sustainability, ethics, reputation, among others.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The variable compensation (bonus/profit sharing) to
which the members of the Board of Directors and the Board of Officers are entitled 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</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><I>(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reasons
behind the compensation elements</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Compensation of the management is defined to encourage
its members to meet short, medium and long-term results of the Company. On this regard, the Company secures a fixed compensation based
on market research, as described in subitem (b)(ii) and (c)(i), 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The possibility of granting stock options and shares
to the members of the Board of Directors and the Board of Officers 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 stock options or shares by its managers,
with restrictions on sale or delivery, contingent upon continued tenure with the Company for a certain period of time. Also, within the
context of the Stock Plan, 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Finally, the Company has adopted, for certain members
of the Board of Officers 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 tenure 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 talents and generating value for shareholders in the long term.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 their members are
duly rewarded to perform their duties.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><I>(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
existence of members who do not receive compensation and the reason for that</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The alternate members and four sitting members of
the Board of Directors do not receive compensation from the Company, as they are also part of the management of the Controlling Shareholder,
which is responsible for the compensation payment of these members.</P>

<P STYLE="font: 11pt Yu Mincho; margin: 0 0 12pt; text-align: justify; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>(d)</B></FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Existence
of compensation borne by direct or indirect subsidiaries or controlling companies</B></FONT></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The alternate members and four sitting members of
the Board of Directors, which are also part of the management of the Controlling Shareholder, do not receive compensation from the Company.
Such managers only receive the compensation paid by the Controller Shareholder due to the performance of their attributions as managers
at the Controlling Shareholder.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Not applicable once there is no compensation or benefit
connected to the occurrence of any corporate event. The options/shares programs under the Plans do not have any provision regarding early
vesting, acceleration of exercise or delivery of options / shares, as applicable, if any corporate event &ndash; including a transfer
of control of the Company &ndash; occurs.</P>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><B>8.2 &ndash; 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total compensation expected for the current Fiscal Year as of 12/31/2024 - Annual Amounts</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of Members</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>32,00</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of members receiving compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>26,00</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Annual Fixed Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Salary/fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">8.814.030</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">20.886.960</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">2.316.015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%"><B>32.017.005&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">1.630.561</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%"><B>1.630.561&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in Committees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other fixed compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Variable Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Bonus</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Profit sharing</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">31.179.036</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>31.179.036&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Commissions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Post-Employment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.735.566&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.735.566&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Termination of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Share-based compensation, including stock options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">13.198.509</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">106.537.510&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%"><B>119.736.019&nbsp;</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 25%; border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Observation</FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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 considers the alternates members.</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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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="vertical-align: top; width: 21%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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 considers the alternates members.</FONT></TD>
    <TD STYLE="width: 16%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%"><B>22.012.539</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%"><B>161.969.633</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%"><B>2.316.015</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center; line-height: 150%"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; line-height: 150%"><B>186.298.187 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total compensation for the Fiscal Year as of 12/31/2023 - Annual Amounts</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 20%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of Members</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>32,17&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of members receiving compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,33</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>26,83&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Annual Fixed Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Salary/fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8.083.563</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">19.943.955</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2.128.919</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>30.156.437&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">633.581</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>633.581&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in Committees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other fixed compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Variable Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Bonus</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Profit sharing</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.153.777</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20.852.138</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>22.005.914&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Commissions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Post-Employment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.423.077&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.423.077&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Termination of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Share-based compensation, including stock options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9.526.887</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">71.355.824&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>80.882.711&nbsp;</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Observation</FONT></TD>
    <TD STYLE="vertical-align: top; width: 20%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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 considers the alternates members.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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="vertical-align: top; width: 21%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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 considers the alternates members.</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #00348D">&#8239;</FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;</FONT></B></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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>18.764.227</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>114.208.575</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2.128.919</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>135.101.720</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total compensation for the Fiscal Year as of 12/31/2022 - Annual Amounts</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 26%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of Members</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>32,00</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of members receiving compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>28,00</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Annual Fixed Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Salary/fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7.630.060</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">19.329.127</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.996.508</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>28.955.695</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.797.817</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.797.817</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in Committees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other fixed compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Variable Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Bonus</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Profit sharing</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4.134.554</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">21.883.874</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>26.018.428</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Commissions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Post-Employment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.027.315</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.027.315</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Termination of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #00348D">&#8239;</FONT><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #00348D">&#8239;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Share-based compensation, including stock options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11.079.641</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">51.297.067</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>62.376.708</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 26%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Observation</FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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 considers the alternates members.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 18%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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="vertical-align: top; width: 21%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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 considers the alternates members.</FONT></TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>&nbsp;</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #00348D">&#8239;</FONT></B><B><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">&nbsp;</FONT></B></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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>22.844.255</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>95.335.200</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.996.508</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>120.175.963</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="5" STYLE="border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total compensation for the Fiscal Year as of 12/31/2021 - Annual Amounts</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 21%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of Members</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>31,00</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of members receiving compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>27,50</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Annual Fixed Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Salary/fees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6.646.367,08</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17.386.773,18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.808.132,40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>25.841.272,66</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.365.299,11</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.365.299,11</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in Committees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other fixed compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Variable Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Bonus</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Profit sharing</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5.009.391,76</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">33.753.260,99</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>38.762.652,75</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Commissions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Post-Employment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">779.406,75</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>779.406,75</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Termination of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5.347.790,19</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>5.347.790,19</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Share-based compensation, including stock options</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8.587.883,95</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">30.379.868,92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>38.967.752,87</B></FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 25%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Observation</FONT></TD>
    <TD STYLE="vertical-align: top; width: 19%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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 considers the alternates members.</FONT></TD>
    <TD STYLE="vertical-align: top; width: 17%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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="vertical-align: top; width: 21%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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 considers the alternates members.</FONT></TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 9pt; color: #00348D">&#8239;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>25.591.432,98</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>83.664.608,95</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.808.132,40</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>111.064.174,33</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><B>8.3 &ndash; 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: 11pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt; color: #00348D"><B>Fiscal Year: 12/31/2024</B></P>

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  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 41%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-left: 1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>32,00</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>13,00</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>REGARDING THE BONUS</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>REGARDING THE PROFIT SHARING</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5.571.099</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>5.571.099</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">31.179.036</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>31.179.036</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">23.867.914</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>23.867.914</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt; color: #00348D"><B>Fiscal Year: 12/31/2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 41%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>32,17</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>14,00</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>REGARDING THE BONUS</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>REGARDING THE PROFIT SHARING</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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">348.840</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6.620.706</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.751.040</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">34.230.348</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.409.040</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">26.742.460</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>28.151.500</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.153.777</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20.852.138</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 7.1pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>22.005.914</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt; color: #00348D"><B>Fiscal Year: 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 41%; border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>32,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>15,00</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>REGARDING THE BONUS</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 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 41%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="width: 15%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="width: 14%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; border-right: Black 1pt solid; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>REGARDING THE PROFIT SHARING</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 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">935.298</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7.141.711</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4.200.637</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">38.490.063</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.084.843</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">23.555.117</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>26.639.960</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4.134.554</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">21.883.874</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>26.018.428</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 0 7.1pt; text-align: justify; text-indent: -7.1pt; color: #00348D"><B>Fiscal Year: 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 40%; border: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 14%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Fiscal Council</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>31,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>14,00</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>REGARDING THE BONUS</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 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  <TR>
    <TD COLSPAN="5" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>REGARDING THE PROFIT SHARING</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 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Minimum amount according to compensation plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">205.070</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.536.645</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.741.715</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Maximum amount according to compensation plan </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4.687.313</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">35.380.305</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2.458.328</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18.420.926</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>20.879.254</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5.009.392</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">33.753.261</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>38.762.653</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><B>8.4 &ndash; 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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 11pt Yu Mincho; margin: 0; text-align: justify; text-indent: 0in; color: #00348D"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>(a)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Avantt; font-size: 10pt">General terms and conditions</FONT></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><U>Option Plan</U></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The Company welcomed the Stock Option Plan as it succeeded
Companhia de Bebidas das Am&eacute;ricas &ndash; Ambev through a merger. 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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Until 2019, under the Option Plan, senior employees
and management of the Company or its direct or indirect subsidiaries (beneficiaries) were 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. As of 2020, however, Ambev ceased to grant its employees and senior management stock options recognized according to the
accounting treatment determined by IFRS 2/CPC 10 &ndash; Share-Based Payment. Nevertheless, there are stock options granted in previous
periods that are not yet exercisable, as well as stock options that are already exercisable but not yet expired, which remain valid within
the term of the programs. Such options were issued according to the Option Plan and are subject to the accounting treatment provided for
in IFRS 2/10 CPC 10. On the date hereof, approximately 538 people, including managers and employees, hold stock options for shares of
the Company considering all the programs of the Option Plan together, among these, six members of the Board of Directors and ten members
of the Board of Officers.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Additionally, as of 2020, within the scope of the
Option Plan, some members of the Company&rsquo;s Management and of its subsidiaries who receive profit sharing/cash bonus have the option
- depending on their positions - of choosing to allocate part or all of the amounts received, in such capacity, upon purchase of the Company&rsquo;s
shares.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">These shares are called &ldquo;voluntary shares&rdquo;
and are granted within the scope of the Option Plan. As a rule, voluntary shares are entitled to dividends from the grant date and are
subject to a transfer restriction period (lock-up) of three to five years and are granted at market value.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The members of the Management who invest in voluntary
shares also receive one and a half times the corresponding number of shares for each voluntary share purchased, up to a total percentage
limited to each employee&rsquo;s variable compensation. The corresponding shares are delivered in the form of Restricted Shares (definition
below), also called &ldquo;matching shares&rdquo;, which are also subject to a vesting period from three to five years. In addition to
the Restricted Shares, they also receive an additional amount related to the applied discount of up to 20%. The discount is made in the
form of &ldquo;discounted shares&rdquo;, which are also delivered as Restricted Shares and are also subject to a vesting of three to five
years.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><U>Share Value Right (Phantom Stocks)</U></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The Company also welcomed, for having succeeded Companhia
de Bebidas das Am&eacute;ricas &ndash; Ambev through a merger, 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 of shares or share acquisition option. Within</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Reais corresponding to the closing price of shares
or ADRs of the Company at B3 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><U>Stock Plan</U></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The delivery of the Restricted Shares is exempt from
financial consideration.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Date
of approval and responsible body</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The Option Plan was approved at the Company&rsquo;s
Extraordinary General Meeting held on July 30, 2013, as part of the succession, through the merger of Companhia de Bebidas das Am&eacute;ricas
&ndash; Ambev with and into the Company.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The Company also welcomed, as it succeeded Companhia
de Bebidas das Am&eacute;ricas &ndash; Ambev through a merger, the long-term incentive of Share Value Rights, 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The Stock Plan was approved at the Company&rsquo;s
Extraordinary General Meeting held on April 29, 2016, and amended by the Extraordinary General Meeting held on April 24, 2020.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
number of shares covered</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The Stock Plan sets that the global amount of shares
to be granted to employees and managers of the Company is up to three percent (3.0%) of shares representing the Company&rsquo;s capital
stock as determined on April 24, 2020.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Maximum
number of options to be granted</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 maximum number of options
per program, upon the approval of each program.</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conditions
to acquire shares</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In the Company&rsquo;s stock option programs then
in force 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, 2023.1 and 2024.1, 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. The exercise of options is not conditioned
to meeting the Company&rsquo;s performance targets.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In the Company&rsquo;s stock programs then in force
named Programs 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, 2023.1, 2023.2, 2023.3, 2023.4, 2023.8, 2023.9, 2023.10, 2023.11 and 2024.1, within the scope of the
Stock Plan, the granting of shares was made free of charges and such 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(f)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
to set the acquisition or exercise price</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Company&rsquo;s stock
option programs then in force 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, 2023.1 and 2024.1, 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.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Within the scope of the Company&rsquo;s stock programs
then in force named Programs 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, 2023.1, 2023.2, 2023.3, 2023.4, 2023.8, 2023.9, 2023.10, 2023.11 and 2024.1, and 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="color: #00348D; font: 10pt Avantt; margin: 0 0 12pt; text-align: justify"><B>(g)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
to set the term for acquisition or exercise</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Within the scope of the Option Plan, according to
the Company&rsquo;s stock option programs then in force named 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,</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">2019.4, 2020.1, 2021.1, 2022.1, 2023.1 and 2024.1,
the participants received the grant of 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 three to five years, as the case may be. 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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Within the scope of the Stock Plan, according to the
Company&rsquo;s stock programs then in force named Programs 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, 2023.1, 2023.2, 2023.3, 2023.4, 2023.8, 2023.9, 2023.10,
2023.11 and 2024.1, the delivery of Restricted Shares will be made after the lock-up period of three to five years, as the case may be.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(h)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
of settlement </B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 in full, on demand upon the exercise of the options within a period of up to
five business days as of their exercise date, depending on the program.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 observed. For purposes of
the Stock Plan, the Company shall use existing shares held in treasury.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restrictions
to the transfer of shares</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In the Company&rsquo;s stock option programs then
in force 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, 2023.1 and 2024.1, 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.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Within the scope of the Stock Plan, according to the
Company&rsquo;s stock programs then in force named Programs 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, 2023.1, 2023.2, 2023.3, 2023.4, 2023.8, 2023.9, 2023.10,
2023.11 and 2024.1, after the expiry of the vesting period of three or five years, the delivered shares will be free and clear, and may
be transferred at any time.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(j)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Criteria
and event that, once verified, will result in the suspension, amendment or termination of the Plan</B></P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(k)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">We described below the main rules applicable to these
cases, in relation to the programs in force.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><U>Programs (Option Plan)</U></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>- <U>Programs 2016.2, 2016.3, 2017.1, 2017.4, 2018.1,
2018.4, 2019.1 and 2019.5</U>:</I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">- <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</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">- <I><U>Programs 2018.2, 2019.2, 2019.4, 2020.1, 2021.1,
2022.1, 2023.1 and 2024.1</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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><U>Share Value Rights</U></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><U>In relation to lot A:</U></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><U>In relation to lot B: </U></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><U>Programs (Stock Plan)</U></B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">- <I><U>Programs 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, 2023.1, </FONT>2023.2, 2023.3, 2023.4, 2023.8, 2023.9, 2023.10, 2023.11 and 2024.1</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">As a general rule, the aforementioned programs establish
that, 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 the respective Restricted Shares or Performance Shares (as applicable) that are not free
for delivery to the participant, except in the cases (or in some of the cases) set forth in items (a) to (d) below (&ldquo;<U>Exceptions</U>&rdquo;).</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><U>It should be noted that the transfer restrictions
on the shares, provided for in the programs, will remain in force if any Exceptions are applied, except in the case set forth in item
&ldquo;d.1&rdquo; below</U>.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>a) Severance Without Cause</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">(a.1) Resignation or Termination of Term of Office
without Cause &ndash; Board of Directors</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Rule applicable to the programs intended to the Company&rsquo;s
Board of Directors, subject to the Conditions for Exceptions (defined below).</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Pursuant to a decision approved by the unpaid members
of the Company&rsquo;s Board of Directors at a meeting held on April 25, 2023, in case of non-reelection or termination without cause
of the term of office of a member of the Company&rsquo;s Board of Directors (who is a participant in one or more of the programs mentioned
above) during the vesting period, such participant will receive the Restricted Shares that are not free for delivery at the time of the
severance.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">(a.2) Involuntary Dismissal Without Cause &ndash;
Board of Officers</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Rule provided for in the Programs 2019.1, 2019.3,
2020.1, 2021.2, 2022.1, 2022.2, 2022.3, 2022.8, 2022.9, 2022.10, 2023.1, 2023.2, 2023.3, 2023.8, 2023.9, 2023.10, 2023.11 and 2024.1.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">If the severance occurs due to involuntary dismissal
without cause after 24 months after the grant date, and provided that the Conditions for Exceptions are observed, the participant will
receive the Restricted Shares or Performance Shares, as applicable, on a pro-rata basis (description below).</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Specifically in the Program 2019.6, in case of severance
due to involuntary dismissal without cause, with respect to the Restricted Shares that are not free for delivery, the participant will
receive the shares on a pro-rata basis in the following events, provided that the Conditions for Exceptions are observed:</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">(1) 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 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), or</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">(2) if the severance occurs after 24 months after
the date of grant of the shares.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>(b) Severance after 70 years combined (i.e.,
sum of age plus length of service at the Company on the severance date)</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Rule provided for in all programs, except in the Programs
2019.6, 2020.5, 2022.10, 2023.4, 2023.10 and 2023.11.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">With respect to the Restricted Shares or Performance
Shares, as applicable, that are not yet free for delivery, in case of severance after 70 years combined, the participant will receive
the shares on a pro-rata basis in the following events, provided that the Conditions for Exceptions are observed:</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">(b.1) if the severance occurs before 24 months after
granting and 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); or</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">(b.2) if the severance occurs after 24 months after
the grant date.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>(c) Severance after reaching 80 years combined
(i.e., sum of age plus length of service at the Company on the severance date)</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Rule provided for in all programs, except in the Programs
2019.6, 2020.5, 2022.10, 2023.4, 2023.10 and 2023.11.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Provided that the Conditions for Exceptions are observed,
in case of severance after 80 years combined, the participant will receive the Restricted Shares or the Performance Shares, as applicable,
that are not yet free for delivery.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>(d) Death and Permanent Disability</U></I></P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Rule provided for in all programs.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">(d.1) In case of death of the participant, his/ her
heir / successor will immediately receive the Restricted Shares or Performance Shares, as applicable, that are not yet free for delivery
pursuant to the programs, and all shares will be free and clear for sale at any time.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">(d.2) Provided that the Conditions for Exceptions
are observed, the participant severed in case of permanent disability will receive the Restricted Shares or the Performance Shares, as
applicable.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">- <I><U>Conditions - Exceptions</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The Exceptions will only apply if the following conditions
are met (&ldquo;<U>Conditions for Exceptions</U>&rdquo;):</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt 9pt; text-align: justify; color: #00348D">(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the termination of the participant&rsquo;s employment agreement or term of office at the Company was <U>without cause</U> (provided that,
specifically for the Exception set forth in item &ldquo;a.2&rdquo; above, the participant will only be entitled to pro-rata in case of
<U>involuntary severance and without cause</U>);</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt 9pt; text-align: justify; color: #00348D">(ii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;specifically
in the cases established in item &ldquo;a.1&rdquo;, only the participants members of the Board of Directors <U>as from April 25, 2023
onwards</U> will be eligible;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt 9pt; text-align: justify; color: #00348D">(iii)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;if
the participant signs and complies with the non-compete agreement entered with the Company, under the terms established by the Board of
Directors (except in the event set forth in item &ldquo;d.1&rdquo; above); and</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt 9pt; text-align: justify; color: #00348D">(iv)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;specifically
in relation to the programs involving Performance Shares, if the performance criteria established in the respective programs are met.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt 9pt; text-align: justify; color: #00348D">- <I><U>Pro-Rata Calculation</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt 9pt; text-align: justify; color: #00348D">Once the Conditions for Exceptions are met and
the terms set forth in each program are observed, the Restricted Shares or Performance Shares, as applicable, to be delivered to the participants
on a pro-rata basis, will be equivalent to the result of the Restricted Shares / Performance Shares held by the participant on the severance
date, multiplied by the number of complete calendar months of employment or term of office, for the period between the grant date and
the respective termination of the relationship with the Company (which will always be less than 36 or 60 months), divided by 36 or 60,
depending on the program.</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><B>8.5 &ndash; 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: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Fiscal Year: 12/31/2024</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; width: 58%; border: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 20%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4,00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>WEIGHTED AVERAGE EXERCISE PRICE OF EACH OF THE FOLLOWING GROUPS OF OPTIONS:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&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: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(a) Options outstanding in the beginning of 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,05</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,07</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Potential dilution in case of exercise of all outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0066%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0140%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Fiscal Year: 12/31/2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; width: 59%; border: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>WEIGHTED AVERAGE EXERCISE PRICE OF EACH OF THE FOLLOWING GROUPS OF OPTIONS:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&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: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(a) Options outstanding in the beginning of 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,06</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,96</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,56</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,18</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Potential dilution in case of exercise of all outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0267%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0392%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Fiscal Year: 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; width: 59%; border: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">10,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>WEIGHTED AVERAGE EXERCISE PRICE OF EACH OF THE FOLLOWING GROUPS OF OPTIONS:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&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: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(a) Options outstanding in the beginning of 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,80</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,01</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,48</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Potential dilution in case of exercise of all outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0179%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0302%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Fiscal Year: 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; width: 59%; border: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="width: 22%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of Members</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>WEIGHTED AVERAGE EXERCISE PRICE OF EACH OF THE FOLLOWING GROUPS OF OPTIONS:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&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: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(a) Options outstanding in the beginning of 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,26</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,75</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,97</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,97</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Potential dilution in case of exercise of all outstanding options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0329%</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0512%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0; text-align: left; color: #00348D">&nbsp;</P>


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<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><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>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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: 10pt Avantt; margin: 0; text-align: center; color: #00348D"><I>&nbsp;</I></P>


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<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 30%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023<BR>
Part I</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/22/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2016</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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>
    </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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2021</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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>
    </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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">794.486</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">331.360</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">376.537</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">463.915</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">322.123</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">211.136</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">468.212</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2026</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">N/A</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,15</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,63</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,63</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,90</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,07</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,95</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">501.928</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">209.342</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">339.854</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">423.634</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">294.153</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">226.238</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">913.573</FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD ROWSPAN="2" STYLE="width: 29%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; border-left: Black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2023<BR>
Part II</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="width: 10%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 1%; text-underline-color: black; text-align: justify; line-height: 150%">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,00</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">10</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/22/2015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2017</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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>
    </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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    </TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 29%; 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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Date on which they may be exercised</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2020</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/22/2020</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2021</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2021</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/22/2021</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2022</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2022</FONT></TD>
    <TD STYLE="width: 1%; 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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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></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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.151.238</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2027</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">N/A</FONT></TD>
    <TD STYLE="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; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20,56</FONT></TD>
    <TD STYLE="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; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,03</FONT></TD>
    <TD STYLE="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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2.334.128</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 49%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><B>12/31/2023</B></P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><B>Part III - Final</B></P></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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/02/2019</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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></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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.032.919</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.853.426</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/02/2024</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/02/2029</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">N/A</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: white; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,05</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,58</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,92</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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></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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 49%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Fair value of options on the last day of the fiscal year</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">895.454</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.017.160</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5.413.863</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 9pt Avantt; margin: 0; text-align: justify; color: #00348D"><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: 9pt Avantt; margin: 0 0 12pt; text-align: left; color: #00348D">&nbsp;</P>


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<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Exercised options related to the share-based compensation
- Fiscal Year ended 12/31/2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; 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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Weighted average exercise price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 00,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 00,00</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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 0,00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Exercised options related to the share-based compensation
- Fiscal Year ended 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; 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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Weighted average exercise price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 0,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 0,00</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Exercised options related to the share-based compensation
- Fiscal Year ended 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; 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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total number of members </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Number of members receiving compensation </B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Number of shares (A)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">532.405</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Weighted average exercise price (B)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 11,97</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 19,37</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 3.938.732</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 1.135.063</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 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 Avantt; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: center; color: #00348D"><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 Avantt; margin: 0; text-align: center; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Share-based compensation, in the form of shares to be
delivered directly to the beneficiaries &ndash;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Forecast for the current fiscal year (2024)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 2.85pt 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Potential dilution in case of granting of all shares to the beneficiaries</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0158%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,1090%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>The dilution estimate presented above considers the shareholding
position of the Company on 12/31/2023 as a basis.</I></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Share-based compensation, in the form of shares to be delivered
directly to the beneficiaries &ndash;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Fiscal year ended 12/31/2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 2.85pt 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Potential dilution in case of granting of all shares to the beneficiaries</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0170%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,1182%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Share-based compensation, in the form of shares to be delivered
directly to the beneficiaries &ndash;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Fiscal year ended 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 2.85pt 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 2.85pt 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Potential dilution in case of granting of all shares to the beneficiaries</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0177%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,1119%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Share-based compensation, in the form of shares to be
delivered directly to the beneficiaries &ndash;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Fiscal year ended 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 2.85pt 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 2.85pt 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Potential dilution in case of granting of all shares to the beneficiaries</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0096%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0583%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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 Avantt; margin: 0; text-align: center; color: #00348D"><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 Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Grants of shares expected for the current fiscal year (2024)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 55%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 2.85pt 5.4pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Estimated 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: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/01/2024</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/15/2024</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/01/2024</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/15/2024</P></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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Estimated 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">245.825</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7.550.317</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Estimated 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: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/01/2027</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/15/2029</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/01/2027</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/15/2027</P></TD></TR>
  <TR>
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Estimated 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">03/01/2027</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">03/01/2027</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/15/2029</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/15/2027</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,73</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,73</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.375.172</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">103.665.856</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><I>The information above is based on the best estimate of
the Company&rsquo;s Management considering the fiscal year ended in 2023. In addition, the shares fair value considers the market value
of the Company&rsquo;s shares in 12/31/2023.</I></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Grants of shares for the fiscal year ended 12/31/2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 53%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 24%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/06/2023</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">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: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/06/2023</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/01/2023</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/18/2023</P></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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">565.259</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6.323.228</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/06/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/01/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">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: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/06/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/01/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/18/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/01/2028</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/18/2028</P></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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/06/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/01/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/01/2028</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">&nbsp;</P></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/06/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/01/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/18/2026</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/01/2028</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/18/2028</P></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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,34</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,35</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7.540.543</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">90.737.404</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Grants of shares for the fiscal year ended 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Yu Mincho; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,00</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,00</FONT></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 11pt Yu Mincho; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 56%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Grant date</B></FONT></TD>
    <TD STYLE="width: 23%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">03/01/2022<BR>
12/01/2022</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">03/01/2022<BR>
12/01/2022<BR>
02/14/2022</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Number of shares granted (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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.276.530</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8.578.825</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Maximum period for delivery of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">03/01/2025<BR>
12/01/2027<BR>
<BR>
</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">03/01/2025<BR>
12/01/2025<BR>
12/14/2025<BR>
03/01/2027<BR>
12/01/2027<BR>
12/14/2027</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Restriction period for the transfer of shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">03/01/2025<BR>
12/01/2027<BR>
<BR>
</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">03/01/2025<BR>
12/01/2025<BR>
12/14/2025<BR>
03/01/2027<BR>
12/01/2027<BR>
12/14/2027</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">15,52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">15,70</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">19.818.124</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">134.725.521</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Grants of shares for the fiscal year ended 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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: 2.85pt 5.4pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,00</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Grant date</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2021</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2021<BR>
12/13/2021</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">369.980</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.313.013</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2024<BR>
12/13/2024<BR>
12/01/2026<BR>
12/13/2026</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2026</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/01/2024<BR>
12/13/2024<BR>
12/01/2026<BR>
12/13/2026</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16,06</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16,02</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-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5.941.879</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">21.040.568</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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 Avantt; margin: 0; text-align: justify; color: #00348D"><B>Fiscal Year: 12/31/2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,67</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>13,50</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2,00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>11,00</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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">699.536</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2.420.667</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-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,16</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16,74</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-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,21</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,08</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-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(2.759.993)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(6.430.538)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Fiscal Year: 12/31/2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(23.150,40)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Fiscal Year: 12/31/2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 56%; border: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>3,00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">209.855</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">15,13</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">15,13</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-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(654.747,60)</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(938.854,80)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: center; color: #00348D"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pricing
Model</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>Calculation date</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">According to Technical Pronouncement CPC 10 &ndash;
Share-Based Payment, options granted until 2019 must be assessed on the date of their respective grant.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>Weighted average price of shares</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The price of the shares of the Company taken as basis
to calculate the value of the respective options is the 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 (e.g<I>.</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;).</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>Exercise Price</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>- Programs from 2010 to 2019</I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>Expected volatility</U></I></P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>- Programs from 2010 to 2019</I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>Expected dividends (dividends distribution rate)</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I><U>Risk-free interest rate</U></I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: center; color: #00348D"><B>OPTION PRICING MODEL</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; width: 61%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><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; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">7.8%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(c) Method used and assumptions made to incorporate
the expected effects of early exercise of options</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(d) How the expected volatility is determined</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">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 Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>(e) Has any other characteristic of the option
been incorporated to the determination of its fair value</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Other characteristics were not incorporated in the
measurement of the fair value of the options.</P>


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<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; text-align: justify; margin-top: 0; margin-right: 0; margin-left: 0; color: #00348D"><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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD COLSPAN="3" STYLE="padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Instruments issued by Ambev &ndash; 12/31/2023</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 41%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. Shares and ADRs</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of Deferred Shares</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Board of Directors</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11.523.872</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2.675.190</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4.206.780</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18.405.842</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Board of Officers</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.692.578</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18.617.707</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6.171.726</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">28.482.011</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  <TR>
    <TD STYLE="border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total </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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>15.216.450</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>21.292.897</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>10.378.506</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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>46.887.853</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Instruments Issued by ABI &ndash; 12/31/2023</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; width: 40%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Body</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. Shares and ADRs</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. of Deferred Shares</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>No. Options</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Board of Directors </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">697.880</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5.004.104</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">10.553.161</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16.255.145</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Board of Officers </FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16.279</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">787.299</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.961.845</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4.765.423</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: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>714.159</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>5.791.403</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>14.515.006</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>21.020.568</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD STYLE="width: 36%; border: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Retirement Benefits</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD STYLE="width: 32%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of members </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,50</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">No. of members receiving compensation </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,00</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-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Name of the plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Defined Contribution</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Number of managers that are eligible to retire </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Conditions to early retirement </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">53 years of age and 11 years of plan</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 27.307.394</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 11.223.013</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 2.101.433</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">R$ 1.423.077</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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>
<P STYLE="font: 10pt/107% Avantt; margin: 0 0 8pt; text-align: left; color: #00348D"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt/107% Avantt; margin: 0 0 8pt; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/15pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><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/15pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>Annual amounts</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>Board of Directors</B></FONT></TD>
    <TD COLSPAN="3" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>Fiscal Council</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 11%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>12/31/2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>12/31/2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>12/31/2021</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>12/31/2023</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>31/12/2022</B></FONT></TD>
    <TD STYLE="width: 10%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>31/12/2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #D9E2F3; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>No. of members</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">14,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">12,67</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">12,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">6,00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #D9E2F3; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>No. of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">13,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">14,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">13,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">7,33</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">8,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">8,50</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">6,00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #D9E2F3; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>Amount of the highest individual compensation(Reais)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">30.929.473</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">25.226.847</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">23.046.749,40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">12.998.750</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">14.155.409</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">12.250.056,24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">473.093</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">443.668</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">401.807,20</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #D9E2F3; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>Amount of the lowest individual compensation (Reais)</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">4.491.204</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">3.489.535</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">2.539.606,70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">864.098</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">679.357</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">501.488,00</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">236.547</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">221.834</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">200.903,60</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; background-color: #D9E2F3; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D"><B>Average amount of the individual compensation (Reais) &ndash; total compensation of the body divided by the number of members receiving compensation</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">8.459.894</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">6.809.657</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">6.435.739,15</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">2.558.758</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">2.855.532</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">3.010.756,82</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">354.820</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">332.751</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 2.85pt; padding-right: 2.85pt; padding-left: 2.85pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 7pt; color: #00348D">301.355,40</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">Notes:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2023</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- The average compensation of the Board of Officers presented
    in this item is calculated considering the number of members of the Board of Officers (13,50 members) that receive compensation from the
    Company for their services.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- Includes share-based compensation of the Company and of
    the Controlling Shareholder.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2022</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: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- 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 Avantt; margin: 0; text-align: justify; color: #00348D">- Includes share-based compensation of the Company and of
    the Controlling Shareholder.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2021</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: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- 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 Avantt; margin: 0; text-align: justify; color: #00348D">- Includes share-based compensation of the Company and of
    the Controlling Shareholder.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- The member that received the highest individual compensation
    worked for 12 months.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Board of Directors</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2023</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- The average compensation of the Board of Directors presented
    in this item is calculated considering the number of members of the Board of Directors (7,33 members) that receive compensation from the
    Company for their services.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- Includes share-based compensation of the Company and of
    the Controlling Shareholder.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- The member that received the highest individual compensation
    worked for 12 months.</P></TD></TR>
  </TABLE>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 11%; border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2022</FONT></TD>
    <TD STYLE="width: 89%; 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 Avantt; margin: 0; text-align: justify; color: #00348D">- 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 Avantt; margin: 0; text-align: justify; color: #00348D">- Includes share-based compensation of the Company and of
    the Controlling Shareholder.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- 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: -5.45pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2021</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: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- The average compensation of the Board of Directors presented
    in this item is calculated considering the number of members of the Board of Directors (8,50 members) that receive compensation from the
    Company for their services.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- Includes share-based compensation of the Company and of
    the Controlling Shareholder.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- The member that received the highest individual compensation
    worked for 12 months.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top; background-color: #D9E2F3">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Fiscal Council</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 11%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2023</FONT></TD>
    <TD STYLE="width: 89%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- It was considered the 3 full members and the 3 alternate
    members of the Fiscal Council.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2022</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: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- It was considered the 3 full members and the 3 alternate
    members of the Fiscal Council.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- 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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">12/31/2021</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: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- It was considered the 3 full members and the 3 alternate
    members of the Fiscal Council.</P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D">- The member that received the highest individual compensation
    worked for 12 months.</P></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>


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<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">As stated on item 7.7 of the Reference Form, the Company
has D&amp;O, contracted with the Insurer Zurich Minas Brasil Seguros S/A, for the period from November 18, 2023 to November 18, 2024,
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 Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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 Reference Form.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><B>8.17 - 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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Forecast for December 31, 2024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Body</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>No. of Members</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Related Party&rsquo;s Compensation</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Total Compensation</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Board of Directors</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">6,00</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">22.012.539</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">2.316.015</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Board of Officers</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">161.969.633</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Total</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>6,00</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>186.298.187</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>December 31, 2023</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>No. of Members</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Related Party&rsquo;s Compensation</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Total Compensation</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Board of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">6,00</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">18.764.227</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">2.128.919</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Board of Officers</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">114.208.575</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>6,00</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>135.101.720</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>0%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Avantt; margin: 0 0 6pt; text-align: justify; color: #00348D"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>December 31, 2022</B></P></TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>No. of Members</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Related Party&rsquo;s Compensation</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Total Compensation</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Board of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">4,00</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">22.844.255</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">1.996.508</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Board of Officers</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">95.335.200</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>4,00</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>120.175.963</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>0%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>
    <P STYLE="font: 8pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>December 31, 2021</B></P></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Body</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>No. of Members</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Related Party&rsquo;s Compensation</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Total Compensation</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; background-color: #D9E2F3; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-top: Black 1pt solid; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Board of Directors</FONT></TD>
    <TD STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">5,00</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">601.785,60</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">25.591.433,97</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-top: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">2%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Fiscal Council</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">1.808.132,40</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">0%</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; border-right: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">Board of Officers</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">-</FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">83.664.608,96</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D">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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>5,00</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>601.785,60</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>111.064.174,33</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 8pt; color: #00348D"><B>1%</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><B>8.18 - 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 Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">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>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><B>8.19 - 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: 5pt Yu Mincho; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="color: #00348D; font: 10pt Avantt; margin: 6pt 0 0; text-align: justify; text-indent: 0in">The alternate members and four effective
members of the Board of Directors of the Company, which are also Controlling Shareholder&rsquo;s managers, are directly compensated by
the Controlling Shareholder specifically for the performance of their attributions as managers of the Controlling Shareholder, as below:</P>

<P STYLE="font: 11pt Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Forecast for the current fiscal year (2024)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; width: 28%; border: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</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">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><B>Board of </B></P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><B>Directors <SUP>(i)</SUP></B></P></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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect controlling shareholders </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">490.562.255</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">64.841.882</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>555.404.138</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Companies under common control </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">* The information above is based on the best estimate of ABI
considering the data of the fiscal year ended in 12/31/2023.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Fiscal Year ended December 31, 2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; width: 28%; border: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</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">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><B>Board of </B></P>
    <P STYLE="font: 9pt Avantt; margin: 0 0 6pt; text-align: center; color: #00348D"><B>Directors <SUP>(i)</SUP></B></P></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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect controlling shareholders </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">449.713.650</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">59.728.766</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>509.442.416</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Companies under common control </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>-&nbsp;&nbsp;&nbsp;</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Fiscal Year ended December 31, 2022</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; width: 28%; border: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</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">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><B>Board of </B></P>
    <P STYLE="font: 9pt Avantt; margin: 0 0 6pt; text-align: center; color: #00348D"><B>Directors <SUP>(i)</SUP></B></P></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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 15%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect controlling shareholders </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">260.507.502</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">46.625.719</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Companies under common control </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Fiscal Year ended December 31, 2021</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="vertical-align: bottom; width: 28%; border: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</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">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D"><B>Board of </B></P>
    <P STYLE="font: 9pt Avantt; margin: 0 0 6pt; text-align: center; color: #00348D"><B>Directors <SUP>(i)</SUP></B></P></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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Board of Officers</B></FONT></TD>
    <TD STYLE="width: 17%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><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: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect controlling shareholders </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">102.292.210,51</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">15.863.775,58</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>118.155.986,10</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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Companies controlled by the issuer</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 11pt/150% Yu Mincho; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 28%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: left"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Companies under common control </FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="width: 17%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="width: 19%; border-bottom: Black 1pt solid; border-right: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">(i) Original amounts in dollar, by converted into Brazilian
Reais by the annual average rate of each fiscal year.</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">(ii) The amounts consider the accounting effects provided
for in CPC 10 - Share-based Payment.</P>


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<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>&nbsp;</B></P>

<P STYLE="color: #00348D; font: 10pt/150% Avantt; margin: 2pt 0 0; text-align: justify; text-indent: 0in"><B>8.20 &ndash; Provide other
information that the issuer deems relevant</B></P>

<P STYLE="font: 11pt Yu Mincho; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B><I><U>Clawback Policy</U></I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">On October 19, 2023, the Company adopted a clawback policy
that applies to incentive-based compensation received by certain executives (which currently comprise the members of the Board of Officers).
Under this policy, &ldquo;incentive-based compensation&rdquo; is defined broadly to include any compensation that is granted, received
or vested based wholly or in part upon the attainment of a financial reporting measure (e.g., variable compensation related to the performance
(bonus) and to the Restricted Shares). The policy provides that in the event the Company is required to prepare an accounting restatement
of the financial statements due to the material noncompliance with any financial reporting requirements under the applicable securities
laws, it will recover, from the respective Executive Officers (on a pre-tax basis), any incentive-based compensation received by such
executives on or after October 2, 2023, and during the three fiscal years preceding the date the restatement was required, that exceeds
the amount of incentive-based compensation that otherwise would have been received had such compensation been determined according to
the applicable accounting restatement, subject to limited exceptions. The recovery of such compensation will apply regardless of whether
any misconduct occurred and without regard to whether an executive officer engaged in misconduct or otherwise caused or contributed to
the requirement for such restatement.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">The Clawback Policy can be found at the CVM website and at
the Investor Relations website of the Company (https://ri.ambev.com.br).</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">In addition to the foregoing, there is no other relevant
information regarding this item 8.</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: center; color: #00348D">***</P>



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<P STYLE="color: #00348D; font: 10pt/14pt Avantt; margin: 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="color: #00348D; font: 10pt/14pt Avantt; margin: 0; text-align: center"><I>(as article 12 of CVM Resolution 81/22)</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #00348D; font: 12pt/14pt Arial, Helvetica, Sans-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-family: Avantt; font-size: 10pt"><I>1.</I></FONT></TD><TD STYLE="text-align: left"><FONT STYLE="font-family: Avantt; font-size: 10pt"><I><U>Report on Changes to the Bylaws</U>:</I></FONT></TD></TR></TABLE>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="color: #00348D; font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CURRENT</B></P>
    <P STYLE="color: #00348D; font: 10pt/14pt Avantt; margin: 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="color: #00348D; font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>PROPOSED CHANGES</B></P>
    <P STYLE="color: #00348D; font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>(WITH 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/14pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><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: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER II</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CAPITAL STOCK AND SHARES</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: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER II</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CAPITAL STOCK AND SHARES</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt; 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/14pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 0.35pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 5 &ndash;</B> The capital stock is of R$&nbsp;58.130.517.165,22,&nbsp;divided into 15.750.216.851 nominative common shares, without par value.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 5 &ndash;</B> The capital stock is of <FONT STYLE="color: red"><STRIKE>R$&nbsp;58.130.517.165,22 </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">&nbsp;R$&nbsp;58.177.928.601,&nbsp;85, </FONT>divided into <FONT STYLE="color: red"><STRIKE>15.750.216.851</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">&nbsp; 15.753.833.284</FONT> nominative common shares, without par value.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER IV</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 0.35pt; text-align: center"><B>MANAGEMENT OF THE COMPANY</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: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER IV</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>MANAGEMENT OF THE COMPANY</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt">&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: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 15 </B>&ndash; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">(...)</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 5 </B>&ndash; At least: (i) two members; or (ii) twenty
    percent (20%) of the total number of members of the Board of Directors of the Company, whichever is greater, will be independent directors,
    it being understood, for the purposes hereof, as independent directors those in compliance with the following requirements:</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">(&hellip;)</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">h) he/she must have founded the Company and has significant influence
    over it.</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: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">(...)</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 5 </B>&ndash; At least: (i) two members; or (ii) twenty
    percent (20%) of the total number of members of the Board of Directors of the Company, whichever is greater, will be independent directors,
    it being understood, for the purposes hereof, as independent directors those in compliance with the following requirements:</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">(&hellip;)</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">h) he/she must <FONT STYLE="text-decoration: underline double; color: #0066FF">not
    </FONT>have founded the Company <FONT STYLE="text-decoration: underline double; color: #0066FF">nor</FONT> has significant influence over
    it.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Rectify item &ldquo;h&rdquo;, to expressly state that for the purposes of characterizing the independency of the members of the Board of Directors of the Company, he/she must not have founded the Company nor has significant influence over it.</FONT></TD></TR>
  </TABLE>

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<P STYLE="font: 12pt/16pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; border: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER IV</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>MANAGEMENT OF THE COMPANY</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>SECTION II</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>BOARD OF EXECUTIVE OFFICERS</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: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER IV</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>MANAGEMENT OF THE COMPANY</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>&nbsp;</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>SECTION II</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>BOARD OF EXECUTIVE OFFICERS</B></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt">&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: 10pt/14pt Avantt; 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, (xii) one shall be the Information Technology</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">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</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">(3) years, reelection being permitted.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><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 <FONT STYLE="text-decoration: underline double; color: #0066FF">and Compliance</FONT> Vice President Officer, (x) one shall be the <FONT STYLE="color: red"><STRIKE>Non-Alcoholic Beverages</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: #0066FF">Beyond Beer</FONT> Vice President Officer, <FONT STYLE="color: red"><STRIKE>(xi) one shall be the Compliance Vice President Officer, </STRIKE></FONT>(xi<FONT STYLE="color: red"><STRIKE>i</STRIKE></FONT>) one shall be the Information Technology Vice President Officer and (xii<FONT STYLE="color: red"><STRIKE>i</STRIKE></FONT>) 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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Adjust the nomenclature of the positions of the Board of Executive Officers and exclude the position of Compliance Vice President Officer, the duties of which will be incorporated by the Legal and Compliance Vice President Officer, in accordance with the Company&rsquo;s current organizational structure.</FONT></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; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 32</B> &ndash; It is the Legal Vice President Officer responsibility to: a) establish, manage and coordinate the legal strategy adopted by the Company, and to supervise its judicial and administrative proceedings; b) be responsible for the Company&rsquo;s corporate documents; and c) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></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: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 32</B> &ndash; It is the Legal <FONT STYLE="text-decoration: underline double; color: #0066FF">and
    Compliance</FONT> Vice President Officer responsibility to: a) establish, manage and coordinate the legal strategy adopted by the Company,
    and to supervise its judicial and administrative proceedings; b) be responsible for the Company&rsquo;s corporate documents; c) <FONT STYLE="text-decoration: underline double; color: #0066FF">implement,
    manage and operationalize the Company&rsquo;s compliance program, ensuring compliance, effectiveness and continuous improvement; d) investigate
    any allegations of violations to the Company&rsquo;s compliance program; </FONT>and <FONT STYLE="text-decoration: underline double; color: #0066FF">e)
    </FONT>exercise the other prerogatives conferred upon it by the Board of Directors.</P>
    <P STYLE="color: #0066FF; font: 10pt/14pt Avantt; margin: 0; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>
    <P STYLE="color: #0066FF; font: 10pt/14pt Avantt; margin: 0; text-align: justify"><FONT STYLE="text-decoration: underline double"><B>Paragraph
    1</B> &ndash; It is granted to the Legal and Compliance Vice-President Officer, in the exercise of his/her duties, direct access to the
    Board of Directors</FONT></P></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Pursuant to the proposed amendment to article 22 of the Bylaws, adjust the nomenclature of the position and include the attributions of the extinct position of Compliance Vice President Officer to the Legal and Compliance Vice President Officer, in accordance with the Company&rsquo;s current organizational structure.</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/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 33</B> &ndash; It is the Non-Alcoholic Beverages Vice President Officer&rsquo;s responsibility to: a) coordinate and supervise the non-alcoholic and non-carbonated drinks sector, and establish its planning strategy; and b) exercise the other prerogatives conferred upon it by the Board of Directors.</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: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 33</B> &ndash; It is the <FONT STYLE="color: red"><STRIKE>Non-Alcoholic
    Beverages</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: #0066FF">Beyond Beer</FONT> Vice President Officer&rsquo;s
    responsibility to:</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">a) coordinate and supervise the <FONT STYLE="text-decoration: underline double; color: #0066FF">beverage
    sectors other than beer, i.e. involving other alcoholic and</FONT> non-alcoholic <FONT STYLE="color: red"><STRIKE>and non-carbonated</STRIKE></FONT>
    drinks <FONT STYLE="color: red"><STRIKE>sector</STRIKE></FONT>, and establish <FONT STYLE="color: red"><STRIKE>it&rsquo;s </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">their
    </FONT>planning strategy; and</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">b) exercise the other prerogatives conferred upon it by the Board of
    Directors.</P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Pursuant to the proposed amendment to article 22 of the Bylaws, adjust the nomenclature of the position and include a new attribution to the Beyond Beer Vice President Officer, in accordance with the Company&rsquo;s current organizational structure.</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: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 34</B> &ndash; It is the Compliance Vice President Officer&rsquo;s
    responsibility to: a) implement, manage and operationalize the Company's compliance program, ensuring compliance, effectiveness and continuous
    improvement; b) investigate any allegations of violations to the Company's compliance program; and c) exercise the other prerogatives
    conferred upon it by the Board of Directors.</P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 10pt/14pt Avantt; 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></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B><STRIKE>Article 34</STRIKE></B><STRIKE> &ndash; It is
    the Compliance Vice President Officer&rsquo;s responsibility to: a) implement, manage and operationalize the Company's compliance program,
    ensuring compliance, effectiveness and continuous improvement; b) investigate any allegations of violations to the Company's compliance
    program; and c) exercise the other prerogatives conferred upon it by the Board of Directors.</STRIKE></P>
    <P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B><STRIKE>Paragraph 1</STRIKE></B><STRIKE> &ndash; It is
    granted to the Compliance Vice-President Officer, in the exercise of his/her duties, direct access to the Board of Directors.</STRIKE></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Pursuant to the proposed amendment to article 22 of the Bylaws, exclude the duties of the extinct position, which were incorporated by the Legal and Compliance Vice President Officer.</FONT></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; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 35</B> &ndash; It is the Information Technology Vice President Officer&rsquo;s responsibility to: a) respond for the direction, planning and control of the information technology sector of the Company; and b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 3<FONT STYLE="color: red"><STRIKE>5</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">4</FONT></B> &ndash; It is the Information Technology Vice President Officer&rsquo;s responsibility to: a) respond for the direction, planning and control of the information technology sector of the Company; and b) exercise the other prerogatives conferred upon it by the Board of Directors.</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</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/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 3<FONT STYLE="color: red"><STRIKE>6</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">5</FONT></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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</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/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 37</B> &ndash; 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 aval 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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 3<FONT STYLE="color: red"><STRIKE>7</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">6</FONT></B> &ndash; 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 aval 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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER V</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>FISCAL COUNCIL</B></P></TD>
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    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER V</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>FISCAL COUNCIL</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt">&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/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 38</B> &ndash; 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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 3<FONT STYLE="color: red"><STRIKE>8</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">7</FONT></B> &ndash; 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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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    <TD STYLE="width: 34%; border: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 39</B> &ndash; The compensation of the Fiscal Council's members shall be established by the Shareholders&rsquo; Meeting that elects them.</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 3<FONT STYLE="color: red"><STRIKE>9</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">8</FONT></B> &ndash; The compensation of the Fiscal Council's members shall be established by the Shareholders&rsquo; Meeting that elects them.</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VI</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>FISCAL YEAR, BALANCE SHEET AND RESULTS</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: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VI</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>FISCAL YEAR, BALANCE SHEET AND RESULTS</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt">&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/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 40</B> &ndash; The fiscal year shall have the duration of one year and shall end on the last day of December of each year.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article <FONT STYLE="color: red"><STRIKE>40</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">39</FONT></B> &ndash; The fiscal year shall have the duration of one year and shall end on the last day of December of each year.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</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/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 41</B> &ndash; At the end of each fiscal year, the financial statements determined by law shall be drawn up in accordance with the Company's bookkeeping.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article <FONT STYLE="color: red"><STRIKE>41</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">40</FONT></B> &ndash; At the end of each fiscal year, the financial statements determined by law shall be drawn up in accordance with the Company's bookkeeping.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 42</B> &ndash; From the profits ascertained in each year, accumulated losses and a provision for income tax shall be deducted prior to any other distribution.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article <FONT STYLE="color: red"><STRIKE>42</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">41</FONT></B> &ndash; From the profits ascertained in each year, accumulated losses and a provision for income tax shall be deducted prior to any other distribution.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VII</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>LIQUIDATION, WINDING-UP AND EXTINGUISHMENT</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: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VII</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>LIQUIDATION, WINDING-UP AND EXTINGUISHMENT</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt">&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/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 43</B> &ndash; The Company shall be liquidated, wound up and extinguished in the cases contemplated by law or by resolution of the Shareholders&rsquo; Meeting.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article <FONT STYLE="color: red"><STRIKE>43</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">42</FONT></B> &ndash; The Company shall be liquidated, wound up and extinguished in the cases contemplated by law or by resolution of the Shareholders&rsquo; Meeting.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VIII</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>GENERAL PROVISIONS</B></P></TD>
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    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VIII</B></P>
    <P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>GENERAL PROVISIONS</B></P></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt">&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/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 44</B> &ndash; 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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article <FONT STYLE="color: red"><STRIKE>44</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">43</FONT></B> &ndash; 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.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; border-left: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 45</B> &ndash; The Company shall comply with the shareholders' agreements registered as provided for in article 118 of Law No. 6,404/76.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article <FONT STYLE="color: red"><STRIKE>45</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">44</FONT></B> &ndash; The Company shall comply with the shareholders' agreements registered as provided for in article 118 of Law No. 6,404/76.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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    <TD STYLE="width: 34%; border: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 46</B> &ndash; 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.</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: -0.05pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article <FONT STYLE="color: red"><STRIKE>46</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">45</FONT></B> &ndash; 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.</FONT></TD>
    <TD STYLE="width: 33%; border-top: black 1pt solid; border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial Unicode MS; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">Renumber the article.</FONT></TD></TR>
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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt"><I>2.</I></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><I><U>Restated Bylaws:</U></I></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center">&ldquo;<B>AMBEV S.A.</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: center">NIRE [Corporate Registration Identification Number] 35.300.368.941</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center">Openly Held Company</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>BYLAWS</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER I</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>NAME, HEADQUARTERS, PURPOSE AND DURATION</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">the packaging and wrapping of any of the
products belonging to it or to third parties;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; 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>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">f)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">g)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">h)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">i)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">j)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">the importation of anything necessary
for its industry and trade;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">k)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">the exportation of its products;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">l)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">the direct or indirect exploration of
bars, restaurants, luncheonettes and similar places;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">m)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">n)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">o)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">p)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 0.25in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">q)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">the sale and/or distribution, directly
or through third parties, of household, commercial and/or personal consumer products in general, without restriction; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Avantt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">r)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">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.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 4 &ndash;</B> The Company is established for an indeterminate
term.</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER II</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CAPITAL STOCK AND SHARES</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 5 &ndash;</B> The capital stock is of <FONT STYLE="color: red"><STRIKE>R$&nbsp;58.130.517.165,22</STRIKE></FONT>
<FONT STYLE="text-decoration: underline double; color: #0066FF">R$&nbsp;58.177.928.601,&nbsp;85</FONT>, divided into <FONT STYLE="color: red"><STRIKE>15.750.216.851</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">&nbsp;
15.753.833.284</FONT> nominative common shares, without par value.</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify"></P>


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<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER III</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>SHAREHOLDERS&rsquo; MEETINGS</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER IV</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>MANAGEMENT OF THE COMPANY</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 5</B> - At least: (i) two members; or (ii) twenty percent
(20%) of the total number of members of the Board of Directors of the Company, whichever is greater, will be independent directors, it
being understood, for the purposes hereof, as independent directors those in compliance with the following requirements:</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; 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>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">he/she must not have business relationships,
including 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, an associated company 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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">he/she must not be a spouse, partner or
straight-line or collateral relative up to second degree of any manager of the Company, of a company controlled by the Company, of the
Controlling Shareholder, of a manager of the Controlling Shareholder or of a Jointly Controlled Company;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">f)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">he/she must not receive compensation by
the Company, by a company controlled by the Company, by the Controlling Shareholder, an associated company 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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">g)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: black">h)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: black">he/she must </FONT><FONT STYLE="font-family: Avantt; font-size: 10pt; text-decoration: underline double; color: #0066FF">not
</FONT><FONT STYLE="font-family: Avantt; font-size: 10pt; color: black">have founded the Company </FONT><FONT STYLE="font-family: Avantt; font-size: 10pt; text-decoration: underline double; color: #0066FF">nor
</FONT><FONT STYLE="font-family: Avantt; font-size: 10pt; color: black">has significant influence over it.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; 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>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>SECTION I</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">approve the annual investment budget of
the Company;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">approve the annual long-term strategic
plans of the Company;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">elect and dismiss the Company's Officers,
and set their attributions;</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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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">f)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">g)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">h)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">appoint the Company's independent auditors;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">i)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">j)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">k)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">submit to the Shareholders&rsquo; Meeting
of the proposal of allocation of the net profits for the year;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">l)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">m)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">n)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">o)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">p)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">approve the execution, amendment, termination,
renewal or cancellation of any contracts, agreements or similar instruments involving trademarks registered or deposited in the name
of the Company or any of its controlled companies; except (i) for the agreements entered into between the Company and its fully controlled
companies, or (ii) in the event of licensing of brands to be used in gifts, accessory materials connected to such brands, or disclosure
in events, or yet (iii) for agreements in which the licensing of brands is an accessory element to the execution of its main purpose
(provided they do not depend on the approval of the Board of Directors for any other reason provided in this article 21);</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">q)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">r)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">s)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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>


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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/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">t)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">u)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">v)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">w)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">x)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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;</FONT></TD>
</TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">y)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">z)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>SECTION II</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>BOARD OF EXECUTIVE OFFICERS</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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 <FONT STYLE="text-decoration: underline double; color: #0066FF">and Compliance</FONT> Vice President Officer, (x) one shall be the
<FONT STYLE="color: red"><STRIKE>Non-Alcoholic Beverages</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: #0066FF">Beyond
Beer</FONT> Vice President Officer, <FONT STYLE="color: red"><STRIKE>(xi) one shall be the Compliance Vice President Officer, </STRIKE></FONT>(xi<FONT STYLE="color: red"><STRIKE>i</STRIKE></FONT>)
one shall be the Information Technology Vice President Officer and (xii<FONT STYLE="color: red"><STRIKE>i</STRIKE></FONT>) 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; 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: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 24 &ndash; </B>It is the Chief Executive Officer&rsquo;s
responsibility to:</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">supervise all the Company&rsquo;s activities,
providing the guidelines best suited to its corporate purpose;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">coordinate and oversee the activities
of the Board of Executive Officers; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 42.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/14pt Avantt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right">b)</TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">exercise the other prerogatives conferred upon it by the Board of Directors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">develop the strategic sales planning of
the Company;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">organize and manage the Company&rsquo;s
human resources; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</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/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 28 - </B>It is the Logistics Vice President Officer&rsquo;s
responsibility to:</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 29 - </B> It is the Marketing Vice President Officer&rsquo;s
responsibility to:</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">be responsible for the direction, planning
and control of the marketing area of the Company; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">manage and respond for the budget control
of the Company;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">provide managerial and financial information;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">be responsible for the control over the
cash flow and financial investments of the Company;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">maintain the registration of the Company
as an openly held company updated; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">f)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 32 &ndash; </B>It is the Legal <FONT STYLE="text-decoration: underline double; color: #0066FF">and
Compliance</FONT> Vice President Officer responsibility to:</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">be responsible for the Company&rsquo;s
corporate documents;</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/16pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt; text-decoration: underline double; color: #0066FF">implement,
manage and operationalize the Company&rsquo;s compliance program, ensuring compliance, effectiveness and continuous improvement;</FONT></TD>
</TR></TABLE>

<P STYLE="color: #0066FF; font: 10pt/16pt Avantt; margin: 0 0 0 0.5in; text-align: justify"><FONT STYLE="text-underline-style: double">&nbsp;</FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt/14pt Avantt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="text-decoration: underline double; color: #0066FF">d)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="text-decoration: underline double; color: #0066FF">investigate any allegations
of violations to the Company&rsquo;s compliance program;</FONT> and</TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Avantt; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="text-decoration: underline double; color: #0066FF">e)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify">exercise the other prerogatives conferred upon it by the Board of Directors.</TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 40.5pt; text-align: justify; text-indent: -0.25in">&nbsp;</P>

<P STYLE="color: #0066FF; font: 10pt/14pt Avantt; margin: 0 0 0 0.45pt; text-align: justify; text-indent: -0.45pt"><FONT STYLE="text-decoration: underline double"><B>Paragraph
1</B> &ndash; It is granted to the Legal and Compliance Vice-President Officer, in the exercise of his/her duties, direct access to the
Board of Directors</FONT></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 33 &ndash; </B>It is the <FONT STYLE="color: red"><STRIKE>Non-Alcoholic
Beverages</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: #0066FF">Beyond Beer</FONT> Vice President Officer&rsquo;s
responsibility to:</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">coordinate and supervise the <FONT STYLE="text-decoration: underline double; color: #0066FF">beverage
sectors other than beer, i.e. involving other alcoholic and</FONT> non-alcoholic <FONT STYLE="color: red"><STRIKE>and non-carbonated
</STRIKE></FONT>drinks <FONT STYLE="color: red"><STRIKE>sector</STRIKE></FONT>, and establish <FONT STYLE="color: red"><STRIKE>it&rsquo;s
</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">their </FONT>planning strategy; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B><STRIKE>Article 34</STRIKE></B><STRIKE> &ndash; It is
the Compliance Vice President Officer&rsquo;s responsibility to:</STRIKE></P>

<P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0 0 0 21.3pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: red; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt"><STRIKE>a)</STRIKE></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><STRIKE>implement, manage and operationalize
the Company's compliance program, ensuring compliance, effectiveness and continuous improvement;</STRIKE></FONT></TD>
</TR></TABLE>

<P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: red; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt"><STRIKE>b)</STRIKE></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><STRIKE>investigate any allegations of
violations to the Company's compliance program; and</STRIKE></FONT></TD>
</TR></TABLE>

<P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; color: red; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt"><STRIKE>c)</STRIKE></FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><STRIKE>exercise the other prerogatives
conferred upon it by the Board of Directors.</STRIKE></FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify">&nbsp;</P>

<P STYLE="color: red; font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B><STRIKE>Paragraph 1</STRIKE></B><STRIKE> &ndash; It is
granted to the Compliance Vice-President Officer, in the exercise of his/her duties, direct access to the Board of Directors.</STRIKE></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 3<FONT STYLE="color: red"><STRIKE>5</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">4</FONT>
&ndash; </B>It is the Information Technology Vice President Officer&rsquo;s responsibility to:</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">respond for the direction, planning and
control of the information technology sector of the Company; and</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 42.55pt; text-align: justify; text-indent: -21.25pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">exercise the other prerogatives conferred
upon it by the Board of Directors.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 56.7pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 3<FONT STYLE="color: red"><STRIKE>6</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">5</FONT>
&ndash;</B> 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 3<FONT STYLE="color: red"><STRIKE>7</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">6</FONT>
&ndash; </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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 1 &ndash;</B>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: 10pt/14pt Avantt; margin: 0; text-align: justify"></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/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 2 &ndash;</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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER V</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>FISCAL COUNCIL</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 3<FONT STYLE="color: red"><STRIKE>8</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">7</FONT>
&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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 1 &ndash;</B> In order for the Fiscal Council to function,
the majority of its members must attend its meeting.</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 2 &ndash;&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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 3&nbsp; &ndash;</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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 4 &ndash;</B> The provisions of Paragraph 2 of article
15 of these Bylaws apply to the members of the Fiscal Council.</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article 3<FONT STYLE="color: red"><STRIKE>9</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">8</FONT>
&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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VI</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>FISCAL YEAR, BALANCE SHEET AND RESULTS</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article <FONT STYLE="color: red"><STRIKE>40</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">39</FONT>
&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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article <FONT STYLE="color: red"><STRIKE>41</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">40</FONT>
&ndash; </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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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>


<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article <FONT STYLE="color: red"><STRIKE>42</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">41</FONT>
&ndash;</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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">the statutory participation of the management,
up to the maximum legal limit.</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VII</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>LIQUIDATION, WINDING-UP AND EXTINGUISHMENT</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article <FONT STYLE="color: red"><STRIKE>43</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">42</FONT>
&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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 19 -->
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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: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Paragraph 2 &ndash; </B>The Board of Directors shall appoint the
liquidator, establish its fees and determine the guidelines for its operation.</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>CHAPTER VIII</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><B>GENERAL PROVISIONS</B></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;<B>Article <FONT STYLE="color: red"><STRIKE>44</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">43</FONT>
&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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article <FONT STYLE="color: red"><STRIKE>45</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">44</FONT>
&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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify"><B>Article <FONT STYLE="color: red"><STRIKE>46</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">45</FONT>
&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>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 10pt/14pt Avantt; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; 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: 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><I>These Bylaws were approved at the Company's Ordinary and Extraordinary
Shareholders' Meeting held on April <FONT STYLE="color: red"><STRIKE>28</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: #0066FF">30</FONT>,
<FONT STYLE="color: red"><STRIKE>2023</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">2024</FONT>.</I></P>


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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
