<SEC-DOCUMENT>0001292814-25-001154.txt : 20250331
<SEC-HEADER>0001292814-25-001154.hdr.sgml : 20250331
<ACCEPTANCE-DATETIME>20250328193008
ACCESSION NUMBER:		0001292814-25-001154
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20250331
FILED AS OF DATE:		20250331
DATE AS OF CHANGE:		20250328

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			AMBEV S.A.
		CENTRAL INDEX KEY:			0001565025
		STANDARD INDUSTRIAL CLASSIFICATION:	BEVERAGES [2080]
		ORGANIZATION NAME:           	04 Manufacturing
		EIN:				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:		25788314

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

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

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	InBev Corporate Holdings Inc.
		DATE OF NAME CHANGE:	20121219
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>abev20250324_6k2.htm
<DESCRIPTION>6-K
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<P STYLE="font: 18pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


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

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</P>


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




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<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 29, 2025, 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, 2024</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, 2024, as disclosed on February 26, 2025 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, 2024 and ratification of the payment
of interest on own capital and dividends for year ended December 31, 2024, approved by the Board of Directors at the meeting held on December
11, 2024</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, 2024 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 dividends
and interest on own capital relating to the fiscal year ended December 31, 2024, approved by the Board of Directors at the meeting held
on December 11, 2024.</P>

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

<P STYLE="font: 11pt/107% Avantt; margin: 0 0 8pt; text-align: justify; color: #00348D"><I>&nbsp;</I></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$ 14.437.237.749,00</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$ 108.125.431,35</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) and dividends, declared based on the net profit relating to the fiscal year ended December 31, 2024</FONT></TD>
    <TD STYLE="border-right: #00348D 1.5pt solid; border-bottom: #00348D 1.5pt solid; font: 11pt/120% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 10.505.388.233,75</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$ 10.339.054.767,31</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; (ii) effect of application of IAS 29/CPC 42 (hyperinflation) in the amount of R$6.481.320.000,00; and (iii) expired dividends of R$22.187.515,88, 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 2026, 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, the following candidates are nominated for the positions of members of the Fiscal Council, according to the proposal of
a minority shareholder sent to the Company's Management, based on article 37, item I, of CVM Resolution 81/22</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>Nilson Martiniano Moreira</B>, Brazilian, divorced, economist, bearer of Identity
Card RG No. 044.383.967-97 (Detran/DF), enrolled with the CPF under No. 583.491.386-53, resident and domiciled in the City of Brasilia,
Federal District, to take office as an alternate member of the 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 2025</FONT></B></P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><I>Proposal &ndash; Fiscal Year 2025</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 2025 (that is, between January 1, 2025 and December 31, 2025) be established in the global amount of up to R$&nbsp;249.548.559,00.</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
2025, in comparison to the amount proposed for year 2024, substantially results due to the following: (i) higher achievement of individual
and collective targets of the Company in the years 2021 and following, compared to the prior periods, causing an increase of the expense
for share-based compensation proposed for year 2025; (ii) adjustment for inflation; (iii) impact of foreign currency translation in relation
to the plans already granted in recent years to the executives repatriated in 2025, which expenses shall be recognized in accounting terms
by the Company under CPC 10; and (iv) adjustment according to the average compensation in similar markets.</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-2025-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 clarify that in the global amount
of Management&rsquo; compensation are included, besides the impacts of foreign currency, 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;), 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 2025 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 meetings held on December 11, 2024 and December 17, 2024.</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 2024</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 2024 was R$&nbsp;156.383.466,00. Such amount is inferior to the limit approved
by the Ordinary Shareholders&rsquo; Meeting held on April 30, 2024, of R$&nbsp;183.982.172,00 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 30, 2024 and the amounts actually paid as per the global compensation
attributed to the managers is justified, mainly, due the projection of the stock-based compensation, as well as 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-2024-CVM/SEP, the proposal of compensation of the managers for the year 2024 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 2025 (that is, between January 1, 2025 and December 31, 2025) be established in the global amount of up to R$&nbsp;2.455.546,00,
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/14pt Avantt; margin: 0; 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 2024, was R$ 2.210.859,00. Such amount is inferior to
the limit approved by the Ordinary Shareholders&rsquo; Meeting held on April 30, 2024, of R$&nbsp;2.316.015,00 for the members of the
Company&rsquo;s Fiscal Council.</P>

<P STYLE="font: 11pt/120% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">&nbsp;</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<SUP>th</SUP> to reflect the capital increases approved by the
Company&rsquo;s Board of Directors, within the authorized capital limit, until the date of call notice of the Shareholders&rsquo; Meeting.</FONT></I></P>


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<P STYLE="font: 11pt/120% Avantt; margin: 0; text-align: justify; color: #00348D">If this proposal is approved, the language of the heading
of article 5<SUP>th</SUP> 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; 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">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 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, 2025.</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/120% Avantt; margin: 0; text-align: center; text-indent: 0in; color: #00348D">&nbsp;</P>

<P STYLE="font: 9pt/120% Avantt; margin: 0; text-align: justify; text-indent: 0in; color: #00348D">&nbsp;</P>



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

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

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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">&nbsp;</P>




<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>SIGNATURE</U></FONT></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 24, 2024</P>

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<TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 48%">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">AMBEV S.A.</FONT></TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">By:&nbsp;</FONT></TD>
    <TD STYLE="border-bottom: black 1.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 12pt">/s/&nbsp;Lucas Machado Lira</FONT></TD></TR>
<TR>
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Lucas Machado Lira</P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Chief Financial and Investor Relations Officer</P></TD></TR>
</TABLE>
<HR SIZE="2" NOSHADE ALIGN="LEFT" COLOR="Black" STYLE="width: 100%">



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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>ex99-1.htm
<DESCRIPTION>EX-99.1
<TEXT>
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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 &ndash; 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">(as Item 2 to Exhibit C to CVM Resolution 80/22)</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,
2024 and December 31, 2023. Our consolidated audited accounting statements were prepared in accordance with the International Financial
Reporting Standards (&ldquo;<U>IFRSs</U>&rdquo;), issued by the International Accounting Standards Board (&ldquo;<U>IASB</U>&rdquo;),
and in accordance with the accounting practices adopted in Brazil, that comprehend the accounting practices set forth in Law No. 6404/76
and the pronouncements, guidance and interpretations issued by the Accounting Pronouncement Committee (<I>Comit&ecirc; de Pronunciamentos
Cont&aacute;beis</I> &ndash; CPC) and approved by the Brazilian Securities Exchange 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 &ldquo;Vertical Analysis&rdquo; and &ldquo;Variation&rdquo;
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 (&ldquo;<U>Exhibit</U>&rdquo;) must be read and analyzed together with our consolidated accounting
statements, available at our website (ri.ambev.com.br) and at the CVM&rsquo;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="font: bold 11pt Avantt; color: #00348D; 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, 2024, the Company had, in its current
assets, a total of R$ 54.155,8 million compared to R$ 36.563,1 million as of December 31, 2023, representing an increase of R$ 17.592,7
million or 48,1%. This increase is mainly due to a higher position of cash and cash equivalents which showed an increase of 78,1% or R$
12.536,7 million compared to December 2023. Of the total amount of R$ 54.155,8 million in its current assets, R$ 29.837,7 million were
in cash, cash equivalents and <FONT STYLE="letter-spacing: 0.15pt">financial investments </FONT>of the Company.</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 current liabilities, as of December 31, 2024,
amounted to R$ 49.388,7 million compared to R$ 41.004,9 million as of December 31, 2023, representing an increase of R$ 8.383,8 million
or 20,4%. This increase is mainly due to an increase in the dividends and interest on net equity payable account, which increased 456,1%
or R$ 6.961,1 million compared to December 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 current liquidity ratio, as of December 31, 2024,
used to assess the Company&rsquo;s capacity of payment of the short-term obligations, was 1.10x compared to 0.89x as of December 31,
2023. 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>,
as of December 31, 2024, were R$ 29.837,7 million and R$ 26.384,9 million, respectively. The indebtedness indicator of net debt/EBITDA<FONT STYLE="font-family: Avantt"><SUP>2</SUP></FONT>,
as of December 31, 2024, was -0.91 compared to -0.51 as of December 31, 2023. 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>

<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>


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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; 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 ROWSPAN="2" STYLE="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 COLSPAN="2" STYLE="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>As of December 31,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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>Variation</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; 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>2024</B></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"><B>2023</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; 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>R$</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; 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>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; width: 32%; 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; width: 17%; 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; letter-spacing: 0.05pt">54.155,8</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 17%; 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>
    <TD STYLE="border-right: black 1pt solid; width: 17%; 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; letter-spacing: 0.05pt">17.592,7 </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 17%; 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; letter-spacing: 0.05pt">48,1%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; 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; vertical-align: top; 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; letter-spacing: 0.05pt">49.388,7 </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>
    <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">8.383,8 </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">20,4%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; 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; vertical-align: top; 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; letter-spacing: 0.05pt">4.767,1</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>
    <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">9.208,9 </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">-207,3%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Net Cash of Bank Overdrafts</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; 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; letter-spacing: 0.05pt">29.837,7 </FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: bottom; 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>
    <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">13.501,5 </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">82,6%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; 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; vertical-align: top; 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; letter-spacing: 0.05pt">26.384,9</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>
    <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">13.549,8 </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">105,6%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/12.5pt Avantt; margin: 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="border: black 1pt solid; padding: 1.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="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>As of December 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="border-right: black 1pt solid; width: 50%; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="border-right: black 1pt solid; width: 25%; 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>2024</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 25%; 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>2023</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; border-left: black 1pt solid; padding: 1.4pt; 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; vertical-align: top; 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">1,10</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="border-right: black 1pt solid; vertical-align: top; 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; vertical-align: top; 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">(0,91)</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">(0,51)</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&rsquo;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="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: 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>Capital Structure</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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 COLSPAN="2" STYLE="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>2023</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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>Variation</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="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>R$ million</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><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-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>R$ million</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><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-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>R$ million</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; width: 16%; border-bottom: Black 1pt solid; border-left: 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">Third-Party Financing<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; 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">62.927,4</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; 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">39</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; 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">52.500,3</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; 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">40</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; 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">10.427,10</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 14%; 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">20%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><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-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">99.580,5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">61</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><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-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">60</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">19.436,70</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">24%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/12.5pt Avantt; margin: 0 0 0 48.15pt; color: #00348D"><SUP>&nbsp;</SUP></P>

<P STYLE="font: 9pt/12.5pt Avantt; margin: 0 0 0 48.15pt; color: #00348D"><SUP>(1)</SUP> The Company&rsquo;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&rsquo;s equity is represented by
the consolidated owner&rsquo;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"><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="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse; margin-bottom: 8.2pt">
  <TR STYLE="background-color: #DBE5F1">
    <TD ROWSPAN="2" STYLE="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 COLSPAN="2" STYLE="border-top: black 1pt solid; vertical-align: top; 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>As of December 31,</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: black 1pt solid; vertical-align: top; border-right: black 1pt solid; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Variation</B></FONT></TD></TR>
  <TR>
    <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"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: black 1pt solid; vertical-align: top; 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>2023</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>R$</B></FONT></TD>
    <TD STYLE="border-right: black 1pt solid; vertical-align: top; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: black 1pt solid; width: 48%; 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; width: 13%; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt">3.452,7</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 13%; 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>
    <TD STYLE="border-right: black 1pt solid; width: 13%; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-48,40</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; width: 13%; border-bottom: black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-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; letter-spacing: 0.05pt">1.276,4</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>
    <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">-21,70</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">-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: 0.15pt">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; letter-spacing: 0.05pt">54.155,8</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>
    <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">17.592,70</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">48%</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; letter-spacing: 0.05pt">29.837,7</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>
    <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">13.501,50</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">83%</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; letter-spacing: 0.05pt">1,10</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>
    <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">0,21</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">24%</FONT></TD></TR>

<TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: black 1pt solid; width: 48%; 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; vertical-align: top; width: 13%; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: 0.05pt">26.384,9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12.835,1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13.549,80</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 13%; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">106%</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<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>

<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&rsquo;s debt profile, as described
in 2.1(f) below, as of December 31, 2024, the Company had a total debt of R$ 3.452,7 million compared to R$ 3.501,1 million in December
31, 2023, a reduction of R$ 48,4 million or 1%, mainly due to a reduction of R$ 111,1 million in the local currency short-term debt, which
was partially offset by an increase in the foreign currency debt. Of this total amount of indebtedness, R$ 1.276,4 million were related
to the short-term debt.</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">Pursuant to the cash flow and the liquidity position
of the Company, as of December 31, 2024, evidenced by total current assets (i.e., R$ 54.155,8 million), cash, cash equivalents and current
financial investments (i.e., R$ 29.837,7 million), current liquidity ratio (i.e., 1.10x) and cash net of debt (i.e., R$ 26.384,9 million),
as 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.</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>(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&rsquo;s working capital cycle has substantially
evolved every year . In the fiscal year ended December 31, 2024, in the opinion of the Company&rsquo;s Officers, there was 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&rsquo;s current cash position and the expected cash flow generation are sufficient to cover these investments. In any case,
the Company&rsquo;s Officers understand that it 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&rsquo;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, 2024, the Company had a Baa2 risk credit by <FONT STYLE="letter-spacing: 0.05pt">Moody`s
and BBB+ by S&amp;P, with no review as of the date of this Exhibit.</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, 2024:</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 (&ldquo;<U>CDI</U>&rdquo;) for loans in Brazil;
(iii) Reference Interest Rate (&ldquo;<U>TR</U>&rdquo;) 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, 2024 and 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>

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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>Debt Profile &ndash; December 31, 2024</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="border: Black 1pt solid; white-space: nowrap; width: 32%; 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="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2025</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2026</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2027</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2028</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 9%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2029</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>After</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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 COLSPAN="8" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>International Debt</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Other Latin-American currencies &ndash; fixed rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">190,7&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">211,8&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">36,3&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">21,0&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">50,5&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">510,2&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,9%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,9%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,9%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,9%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,9%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12,9%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">US dollar &ndash; fixed rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,8</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,8</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,0%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8,0%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Canadian dollar &ndash; fixed rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">149,6&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">128,4&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">77,4&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">62,4&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">21,5&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">439,4</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,7%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,7%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Debt in Reais - ICMS fixed rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Par Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">107,2</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">87,5</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">23,9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,9</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">10,2&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">229,6</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,98%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,00%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,04%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,04%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,21%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,92%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Debt in Reais - ICMS floating rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Par Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">38,0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">48,6</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">50,0</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,1</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">142,7</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5,18%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,51%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,78%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,78%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,36%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Debt in Reais - fixed rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Par Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">772,5&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">529,1&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">382,6&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">149,6&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">59,0&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">122,7&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,015,5&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,1%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">11,1%</FONT></TD></TR>
  <TR>
    <TD COLSPAN="8" STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Debt in Reais - floating rate</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Par Value</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,7&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16,1&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">17,6&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">19,2&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">21,0&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">23,0&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">111,6&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Average Pay Rate</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,5%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Total indebtedness</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.276,4&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.021,4&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">587,8&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">259,2&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">152,0&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">156,0&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.452,7&nbsp;</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 considered 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 years ended December 31, 2024 and 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, in which 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 did not have any guarantees.</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; color: #00348D">&nbsp;</P>


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<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"></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">(v) 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 (cross-default or cross acceleration).</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, 2024 and December 31, 2023, the
Company was in compliance with its material (financial or not) contractual obligations for its loans and financings.</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, 2024, the Company had loans with
BNDES, FINEP, leasing agreements and loans with private banks in the amount of R$ 3.452,7 million compared to R$ 3.501,1 million in 2023.
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; text-align: justify; color: #00348D"><B>Comparative analysis of Operational Results as
of December 31, 2024 and December 31, 2023</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></B></FONT></P>

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<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>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 25%; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="width: 12%; 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>Fiscal Year ended December 31, 2024</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: 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"><B>Fiscal Year ended December 31, 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: 21%; 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>Horizontal Analysis (%)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; 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>
    <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">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;89.452,7 </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">100,0%</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">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">100,0%</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">12,2%</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">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">(43.615,1)</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">-48,8%</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">(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">-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">11,0%</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>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>45.837,6 </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>51,2%</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>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>50,7%</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>13,3%</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">(11.557,2)</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">-12,9%</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">(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">-13,5%</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">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">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">(8.634,2)</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">-9,7%</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">(7.412,5)</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">-9,3%</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">16,5%</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">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">(6.201,1)</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">-6,9%</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">(5.273,7)</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">-6,6%</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">17,6%</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">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">2.457,3 </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">2,7%</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">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">2,5%</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">21,1%</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">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">(99,3)</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">-0,1%</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">(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">-0,1%</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">-9,3%</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">Effect of application of IAS 29 (hyperinflation)</FONT></TD>
    <TD STYLE="width: 12%; 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">(1,5)</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">0,0%</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">(2,3)</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">0,0%</FONT></TD>
    <TD STYLE="width: 21%; 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">-34,1%</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">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;-&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">(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">-0,1%</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"><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>21.801,7 </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>24,4%</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>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>23,6%</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>15,8%</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">(4.510,8)</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">-5,0%</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">(5.126,0)</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">-6,4%</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">-12,0%</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">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">2.605,3 </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">2.494,2 </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">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">4,5%</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">Other net finance results</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">(412,8)</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">-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">(977,9)</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">-1,2%</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">-57,8%</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>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>(2.318,2)</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>-2,6%</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>(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>-4,5%</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>-35,8%</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">
    <P STYLE="font: 9pt Avantt; margin: 0; color: #00348D">Share of result of joint ventures</P>
    <P STYLE="font: 9pt/12.5pt Avantt; margin: 0; color: #00348D">&nbsp;</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">3,9 </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">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">(185,4)</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">-0,2%</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">-102,1%</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>
    <P STYLE="font: 9pt/12.5pt Avantt; margin: 0; color: #00348D"><B>&nbsp;</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>19.487,3 </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>21,8%</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>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>18,9%</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>29,6%</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">(4.640,4)</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">-5,2%</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">(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">-0,1%</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">6046,2%</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>14.847,0 </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>16,6%</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>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>18,8%</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>-0,8%</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">14.437,2 </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">16,1%</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">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">18,2%</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">-0,4%</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">409,7 </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">0,5%</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">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">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">-10,6%</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>* Any Discrepancies in the sums of the amounts are
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, 2024 and 2023:</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="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: 6pt; color: #00348D"><B>2024</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: 6pt; color: #00348D"><B>2023</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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; color: #00348D"><B>Net revenue</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: 6pt; color: #00348D"><B>48.605,3 </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: 6pt; color: #00348D"><B>11.023,7</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: 6pt; color: #00348D"><B>19.829,7</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: 6pt; color: #00348D"><B>9.993,9</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: 6pt; color: #00348D"><B>89.452,7</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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; color: #00348D"><B>79.736,9</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: 6pt; color: #00348D">Cost of sales</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: 6pt; color: #00348D">(23.809,3)</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: 6pt; color: #00348D">(5.076,2)</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: 6pt; color: #00348D">(10.460,4)</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: 6pt; color: #00348D">(4.269,2)</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: 6pt; color: #00348D">(43.615,1)</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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; color: #00348D">(39.291,6)</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: 6pt; color: #00348D"><B>Gross profits</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: 6pt; color: #00348D"><B>24.796,0 </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: 6pt; color: #00348D"><B>5.947,5</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: 6pt; color: #00348D"><B>9.369,3</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: 6pt; color: #00348D"><B>5.724,7</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: 6pt; color: #00348D"><B>45.837,6</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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; color: #00348D"><B>40.445,3</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: 6pt; color: #00348D">Administrative, sales and marketing expenses</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: 6pt; color: #00348D">(15.160,4)</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: 6pt; color: #00348D">(2.209,9)</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: 6pt; color: #00348D">(5.416,0)</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: 6pt; color: #00348D">(3.606,2)</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: 6pt; color: #00348D">(26.392,4)</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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; color: #00348D">(23.436,8)</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: 6pt; color: #00348D">Other operational income (expenses)</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: 6pt; color: #00348D">2.415,8 </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: 6pt; color: #00348D">(13,5)</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: 6pt; color: #00348D">45,8 </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: 6pt; color: #00348D">9,2 </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: 6pt; color: #00348D">2.457,3 </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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; color: #00348D">2.028,9</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: 6pt; color: #00348D">Exceptional items</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: 6pt; color: #00348D">(16,2)</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: 6pt; color: #00348D">(9,8)</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: 6pt; color: #00348D">(51,6)</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: 6pt; color: #00348D">(23,2)</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: 6pt; color: #00348D">(100,8)</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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; color: #00348D">(206,4)</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: 6pt; color: #00348D"><B>Profit from operations</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: 6pt; color: #00348D"><B>12.035,2 </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: 6pt; color: #00348D"><B>3.714,3 </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: 6pt; color: #00348D"><B>3.947,6 </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: 6pt; color: #00348D"><B>2.104,5 </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: 6pt; color: #00348D"><B>21.801,7 </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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; 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: 6pt; color: #00348D"><B>18.831,0</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">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 12.5pt">&nbsp;</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&rsquo;s direct operations
in Central America and the Caribbean: Dominican Republic, Saint Vincent, Antigua, Dominica, Cuba, Guatemala, Barbados and Panama.</P>

<P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">(2) It includes the Company&rsquo;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 increased 11,0% in
year ended December 31, 2024, reaching R$ 43.615,1 million, compared to R$ 39.291,6 million in the same period in 2023. As a percentage
of the Company&rsquo;s net revenue, the total cost of products sold decreased to 48,8%, in 2024, in relation to 49,3%, 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: 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="font: 12pt Times New Roman, Times, Serif; width: 100%; 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>2024</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>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>% Variation</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>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: 8.5pt; color: #00348D"><B>185,5 </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;&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>-0,2%</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: 8.5pt; color: #00348D">205,9 </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;&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">-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">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: 8.5pt; color: #00348D">130,5 </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;&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">5,1%</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"><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: 8.5pt; color: #00348D"><B>409,1 </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;&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>-1,1%</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: 8.5pt; color: #00348D"><B>322,4 </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;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>74,5%</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"><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: 8.5pt; color: #00348D"><B>488,2 </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>&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>7,9%</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>Company Consolidated</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: 8.5pt; color: #00348D"><B>239,7 </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;213,9 </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>12,1%</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 &ldquo;beyond beer&rdquo;
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>

<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&rsquo;s
Brazilian operations increased 1,2% in year ended December 31, 2024, reaching R$ 23.809,3 million in relation to R$ 23.516,0 million in
the same period in 2023. The cost of the products sold in the Company&rsquo;s Brazilian operations, per hectoliter, decreased 0,3% in
2024, reaching R$ 185,5/hl in relation to R$ 186,0/hl in 2023.</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"><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 decreased 0,5%, reaching R$ 19.282,3 million in year ended December 31, 2024. The cost of products sold, per hectoliter, decreased
1,0%, amounting to R$ 205,9/hl, mainly explained by favorable foreign exchange rate considering the hedges made during 2023 for the 2024
year with a lower average US$/R$ rate than the previous year and lower commodity prices (mainly barley and aluminum) as a result of our
hedging strategy.</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 (&ldquo;<U>NAB</U>&rdquo;)</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 9,4%, reaching R$ 4.526,9 million. The cost of products sold per hectoliter increased 5,0% in 2024, amounting to R$ 130,5/hl,
mainly as a result of higher commodity prices with sugar price increase being partially offset by currency hedges.</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
(&ldquo;<U>CAC</U>&rdquo;)</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
0,8% in year ended December 31, 2024, reaching R$ 5.076,2 million in relation to R$ 5.035,1 million in the same period in 2023. The cost
of products sold per hectoliter decreased 1,1% in 2024, reaching R$ 409,1/hl in relation to R$ 413,6/hl in 2023, mainly driven by lower
aluminum prices and lower import 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>Latin America South Operations (&ldquo;<U>LAS</U>&rdquo;)</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 increased
57,1% in year ended December 31, 2024, to R$ 10.460,4 million in relation to R$ 6.657,3 million in the same period in 2023. The cost of
products sold, per hectoliter, increased 74,5% in 2024, to R$ 322,4/hl in relation to R$ 184,7/hl in 2023. The primary reason for these
increases was a highly inflationary environment in Argentina and accounting effects of hyperinflation.</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
increased 4,6% in year ended December 31, 2024, to R$ 4.269,2 million in relation to R$ 4.083,1 million in the same period in 2023, <FONT STYLE="letter-spacing: 0.05pt">while
per hectoliter</FONT>, the cost of products sold increased 7,9% in 2024, reaching R$ 488,2/hl in relation to R$ 452,4/hl in 2023. This
increase in cost of sales per hectoliter primarily due to the depreciation of Brazilian real (R$) against the Canadian dollar (CAD), partially
offset by lower commodity prices (mainly aluminum).</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>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">The gross profit increased 13,3% in year ended December
31, 2024, reaching R$ 45.837,6 million compared to R$ 40.445,3 million in the same period in 2023. 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="font: 12pt Times New Roman, Times, Serif; width: 100%; 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="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>2024</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>2023</B></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="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>24.796,0 </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: 9pt; color: #00348D"><B>54,1%</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: 9pt; color: #00348D"><B>51,0%</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>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></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="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">20.937,8 </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: 9pt; color: #00348D">45,7%</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: 9pt; color: #00348D">52,1%</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: 9pt; color: #00348D">&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></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="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">3.858,2 </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: 9pt; color: #00348D">8,4%</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: 9pt; color: #00348D">46,0%</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">&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></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="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>5.947,5 </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: 9pt; color: #00348D"><B>13,0%</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: 9pt; color: #00348D"><B>54,0%</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>&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></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="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>9.369,3 </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: 9pt; color: #00348D"><B>20,4%</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: 9pt; color: #00348D"><B>47,2%</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: 9pt; color: #00348D"><B>&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></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="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>5.724,7 </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: 9pt; color: #00348D"><B>12,5%</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: 9pt; color: #00348D"><B>57,3%</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>&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></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="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>45.837,6 </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: 9pt; color: #00348D"><B>100,0%</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: 9pt; color: #00348D"><B>51,2%</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: 9pt; color: #00348D"><B>&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></TR>
  </TABLE>

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<P STYLE="font: 12pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&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$ 26.392,4 million in year ended December 31, 2024, compared to R$ 23.436,7 million in the same period
in 2023, representing an increase of 12,6% 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&rsquo;s operations in Brazil amounted to R$ 15.160,4 million in year ended December 31, 2024, compared to R$ 14.468,8
million in the same period in 2023, representing an increase of 4,8% 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$ 12.849,6 million in year ended December 31, 2024, compared to R$ 12.247,3 million
in the same period in 2023, representing an increase of 4,9% year on year, primarily due to higher marketing and sales investments in
our brands, which was partially offset by lower distribution expenses due to efficiencies resulting from a favorable channel mix (higher
weight of third party distributors sales, thus lower distribution expenses for us given that the distribution expense is a responsibility
of the distributors).</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$ 2.310,8 million in year ended December 31, 2024, compared to R$ 2.221,5 million
in the same period in 2023, representing an increase of 4,0% year on year, primarily due to higher marketing and sales investments in
our brands, which was partially offset by lower distribution expenses due to efficiencies resulting from a favorable channel mix (higher
weight of third party distributors sales, thus lower distribution expenses for us given that the distribution expense is a responsibility
of the distributors).</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&rsquo;s operations in CAC amounted to R$ 2.209,9 million in year ended December 31, 2024, compared to R$ 1.931,2
million in the same period in 2023, representing an increase of 14,4% year on year. This increase was mainly driven by higher investments
in commercial and marketing expenses to strengthen our brands, as well as the increase in distribution expenses due to volume growth and
inflation. However, distribution costs increased at a slower pace than net revenue, contributing to the expansion of the margins.</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>

<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&rsquo;s operations in LAS amounted to R$ 5.416,0 million in year ended December 31, 2024, compared to R$ 3.463,8
million in the same period in 2023, representing an increase of 56,4% year on year, mainly driven by inflation over distributions and
administrative expenses and higher marketing and sales investments behind our brands.</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"><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&rsquo;s operations in Canada amounted to R$ 3.606,2 million in year ended December 31, 2024, compared to R$ 3.573,0
million in the same period in 2023, representing an increase of 0,9% year on year, mainly driven by lower variable expenses due to the
decline in volumes, inflation and depreciation of Brazilian real (R$) against the Canadian dollar (CAD).</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 increased by 21,1% in year
ended December 31, 2024, from R$ 2.028,9 million in the same period in 2023 to R$ 2.457,3 million. This result is mainly explained by
higher VAT tax credits recorded in 2024 resulting from our footprint and production optimization.</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 decreased by
51,2% in year ended December 31, 2024, from R$ 206,4 million in the same period in 2023 to R$ 100,8 million. The expenses recorded in
2024 were mainly due to restructuring expenses primarily linked to centralization and restructuring projects in Brazil, LAS, CAC and 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"><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 15,8% in year ended
December 31, 2024, amounting R$ 21.801,7 million in relation to R$ 18.831,1 million in the same period 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>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 decreased
by 35,8% in year ended December 31, 2024, reaching R$ 2.318,2 million from R$ 3.609,8 million in the same period in 2023. This result
is mainly explained by higher financial income, lower losses on derivatives mainly related to hedging regarding the foreign exchange exposure
in Argentina and gains from exchange rate variation, being partially offset by higher expenses with bank guarantees and surety bonds,
and higher losses related to the application of IAS 29/CPC 42 regarding hyperinflation in Argentina.</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$ 48,3 million in year ended December 31, 2024, while our amount of cash, cash equivalents
and current financial investments, net of bank overdraft, increased to R$ 13.501,5 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$ 4.640,4 million in year ended December 31, 2024, compared to R$ 75,5 million in 2023.&nbsp;The effective
income tax and social contribution rate in 2024 was 23,8%, compared to an effective tax rate of 0,5% in 2023.&nbsp;Such increase in our
effective tax rate in 2024 was primarily due to a lower income tax benefit related to government sales tax grants, and lower deductibility
related to interest on net 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"><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, 2024 was R$ 14.847,0 million, representing a decrease of 0,8%, if compared to R$ 14.960,5 million earned in the same period
in 2023.</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><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, 2024 compared
with Year Ended December 31, 2023</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: 41%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2024</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>2023</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; 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="border-bottom: Black 1pt solid; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>%</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">26.099,0 </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">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">5,6%</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">(5.463,5)</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">-5,2%</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">(10.352,0)</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">(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">-35,8%</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>10.283,6 </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>263,4%</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&rsquo;s operating activities
increased by 5,6%, reaching R$ 26.099,0 million in year ended December 31, 2024, compared to R$ 24.711,4 million in the same period in
2023, mainly as a result of higher operational cashflow generation reflecting efficient net working capital management. Cash flow generated
in our operating activities before changes in working capital and provisions increased by 11,2% in 2024 as compared to 2023, bringing
additional R$ 2.928,2 million, and the more efficient net working capital management brought an additional R$ 131,3 million compared with
last year, mostly driven by higher payables and lower receivables, despite higher inventories level.</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&rsquo;s investing activities
decreased by 5,2%, reaching R$ 5.463,5 million in year ended December 31, 2024, compared to R$ 5.766,0 million in the same period in 2023,
mainly explained by lower acquisition of property, plant, equipment and intangible assets (R$ 1.255,0 million) being partially offset
by higher net acquisition of debt securities (more R$ 1.025,1 million when compared to 2024).</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&rsquo;s financing activities
decreased by 35,8%, to R$ 10.352,0 million in year ended December 31, 2024, compared to R$ 16.115,2 million in the same period in 2023,
mainly driven by lower capital distribution, partially offset by a higher purchase and sale of non-controlling interests.</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>&ndash; 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&rsquo;s operations, in particular:</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><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, 2024, the revenues
of the Company and its subsidiaries primarily consisted of the sale of beers, RTDs (ready-to-drink beverages) 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>


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<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 2024 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 11,4%, with expansion of gross margins and adjusted EBITDA (+170bp and +200bp, 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 0,9% compared to 2023), maintained our commercial momentum in Brazil and recovered our
performance in Central America and the Caribbean.</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 13,6% 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 Corona Cero, 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, in our core operations and improve convenience for our consumers through Z&eacute; Delivery, our DTC (Direct to Consumer)
platform in Brazil. By the end of 2024, BEES was active in eight of our top ten markets, with 1,3 million monthly active buyers and more
than 88% of our gross revenue transacted through the platform.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Ahead of DTC, Z&eacute; Delivery reached 9 million
buyers, which translated into more than 66 million orders (an increase of 10% compared to 2023), being present in 700 cities in all 27
Brazilian states and reaching almost 70% of the country's population.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Our digital initiatives have allowed us to deepen
our understanding of the needs and preferences of our customers and consumers, generating insights to proactively meet their demands and
translating into improvements in terms of service level (NPS). For example, in 2024 we conducted surveys with more than 500 thousand consumers
through Z&eacute; Delivery, totaling about six million responses, with greater granularity and speed compared to other means of surveys.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In the non-alcoholic beverage business, our volume
grew 4,1% for the year, highlighted by the performance of isotonic (Gatorade) and energy drinks, as well as our diet-light-zero brands
&ndash; in particular, Pepsi Black, Guaran&aacute; Antarctica Zero and H2OH!.</P>


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<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 2023 results, in most of our business units. In Latin America South, volume
decreased 10,0% 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,
yielded positive results once again in 2024. 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 2024, 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 (1,9%) and adjusted EBITDA (16,5%) for the year (in organic terms), with expansion of gross margins and adjusted EBITDA
(420bp and 340bp, respectively). The region&rsquo;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 4,4% despite a volume decrease of 3,1%, 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
Alberta, British Columbia, Newfoundland and Labrador, 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 &ndash; Year ended December 31,
2024 compared to 2023</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 increased for year ended December 31,
2024, to R$ 89.452,7 million in relation to R$ 79.736,9 million in the same period in 2023, as a consequence of <FONT STYLE="letter-spacing: 0.05pt">a
decrease of 0,9% in sales volume, offset by an increase of 13,3% in net revenue per hectoliter, with increases in all our business units</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>

<P STYLE="font: 12pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: center; text-indent: 1.5in">&nbsp;</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">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; vertical-align: bottom; border-bottom: Black 1.5pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2024</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1.5pt solid; 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 STYLE="border-top: Black 1.5pt solid; vertical-align: bottom; border-bottom: Black 1.5pt solid; 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; 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="width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>48.605,3</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>54,3%</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>46.361,7</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>58,1%</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>4,8%</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="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">40.220,2</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">45,0%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">38.985,9</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">48,9%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3,2%</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">NAB</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">8.385,2</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,4%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7.375,8</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,3%</FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">13,7%</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="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>11.023,7</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,3%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>10.044,8</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,6%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>9,7%</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="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>19.829,7</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>22,2%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>13.797,2</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>17,3%</B></FONT></TD>
    <TD STYLE="text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>43,7%</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="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>9.993,9</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>11,2%</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>9.533,2</B></FONT></TD>
    <TD STYLE="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="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>4,8%</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="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>89.452,7</B></FONT></TD>
    <TD STYLE="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="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>79.736,9</B></FONT></TD>
    <TD STYLE="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="border-bottom: Black 1pt solid; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12,2%</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 Avantt; margin: 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="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>2024</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>2023</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="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>128.320,2 </B></FONT></TD>
    <TD 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>70,5%</B></FONT></TD>
    <TD 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>126.419,7 </B></FONT></TD>
    <TD 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>68,8%</B></FONT></TD>
    <TD 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>1,5%</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="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">93.634,6 </FONT></TD>
    <TD STYLE="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">51,5%</FONT></TD>
    <TD STYLE="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">93.111,6 </FONT></TD>
    <TD STYLE="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="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">0,6%</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="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">34.685,6 </FONT></TD>
    <TD 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">19,1%</FONT></TD>
    <TD 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">33.308,1 </FONT></TD>
    <TD 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">18,1%</FONT></TD>
    <TD 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">4,1%</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="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>12.408,6 </B></FONT></TD>
    <TD 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>6,8%</B></FONT></TD>
    <TD 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>12.174,6 </B></FONT></TD>
    <TD 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>6,6%</B></FONT></TD>
    <TD 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>1,9%</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="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>32.447,6 </B></FONT></TD>
    <TD 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>17,8%</B></FONT></TD>
    <TD 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>36.039,6 </B></FONT></TD>
    <TD 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>19,6%</B></FONT></TD>
    <TD 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>-10,0%</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="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>8.744,1 </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>4,8%</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>9.025,2 </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>4,9%</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>-3,1%</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="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>181.920,5 </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>100,0%</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>183.659,0 </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>100,0%</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>-0,9%</B></FONT></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="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>2024</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>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>Horizontal Analysis</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="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>378,8</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;366,7 </B></FONT></TD>
    <TD STYLE="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 STYLE="vertical-align: top; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Beer Brazil</FONT></TD>
    <TD STYLE="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">429,5</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="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,6%</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="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">241,7</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;221,4 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">9,2%</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="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>888,4</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="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>7,7%</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>LAS</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>611,1</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;382,8 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>59,6%</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="border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>1.142,9</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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;1.056,3 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>8,2%</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="border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>491,7</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; 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;434,2 </B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; line-height: 12.5pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>13,3%</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&rsquo;s
operations in Brazil increased 4,8% in year ended December 31, 2024, amounting R$&nbsp;48.605,3 million compared to R$ 46.361,8 million
in the same period in 2023. This variation is mainly due to volume growth of 1,5% associated with an increase in net revenue per hectoliter
of 3.3%.</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&rsquo;s
beer operations in Brazil increased 3,2% in year ended December 31, 2024, accumulating R$ 40.220,2 million compared to R$ 38.985,9 million
in the same period in 2023. This variation is mainly due to a 2,6% increase in net revenue per hectoliter in 2024, reflecting the implementation
of revenue management initiatives combined with improved brand mix, driven by an increase of 0,6% in sales volume. We continued to consistently
execute our commercial strategy in 2024, which led to strong sales growth for our premium and super premium brands led by Corona, Spaten
and Original.</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>

<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&rsquo;s
NAB operations in Brazil increased 13,7% in year ended December 31, 2024, reaching R$ 8.385,2 million compared to R$ 7.375,8 million in
the same period in 2023. This variation is a consequence of a 4,1% increase in sales volume, coupled with a 9,2% increase in net revenue
per hectoliter in 2024. 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"></P>


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<P STYLE="font: 12pt/12.5pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></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&rsquo;s
CAC operations increased 9,7% in year ended December 31, 2024, accumulating R$ 11.023,7 million compared to R$ 10.044,8 million in the
same period in 2023. The increase in net revenue in our CAC operations in 2024 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&rsquo;s
LAS operations increased 43,7% in year ended December 31, 2024, amounting R$ 19.829,7 million compared to R$ 13.797,2 million in the same
period in 2023. This variation is a consequence of a 10,0% decrease in sales volume, partially offset by an increase of 59,6% in net revenue
per hectoliter in 2024 and mainly driven by strategic revenue management initiatives in response to a highly inflationary economy in Argentina
and was partially offset by a 10,0% decline in volume sold primarily driven by industry contraction in Argentina deriving from a continuing
highly inflationary environment that contributed to 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&rsquo;s
operations in Canada increased 4,8% in year ended December 31, 2024, reaching R$ 9.993,9 million compared to R$ 9.533,2 million in the
same period in 2023. This variation is a consequence of an 8.2% increase in net revenue per hectoliter, supported by strategic revenue
management initiatives and the depreciation of Brazilian real (BRL) against the Canadian dollar (CAD), partially offset by a 3.1% decline
in volume sold driven by softer beer and beyond beer industries.</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&rsquo;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 2024, our cost of product sold was benefited by
the prices of some commodities, mainly aluminum and barley that were hedged in US dollars at values lower than those of the previous year,
impacting the cost of products sold of our operations both in the Brazil and abroad, and by favorable foreign exchange rate in Brazil
considering the hedges made during 2023 for the 2024 year with a lower average US$/R$ rate than the previous year. In our international
operations, in general, the cost conversion into <I>Real</I> has resulted in a negative impact, due to the depreciation of <I>Real</I>
against the local currencies in each operation. In LAS, the inflationary pressures have reduced compared to the 2023 scenario.</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 &ndash; The Management should comment on: </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>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&rsquo;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&rsquo;s report </B></P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The independent auditors&rsquo; report on the Company&rsquo;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; color: #00348D">&nbsp;</P>


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

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><B>2.4 &ndash; The Management should comment on the
relevant effects that the events below have caused or are expected to cause on the issuer&rsquo;s financial statements and on its results:</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; 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,
2024.</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 with a relevant effect on the individual and consolidated financial statements other than those described below in
fiscal year ended December 31, 2024.</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"><B>Exercise of put option under the Tenedora&rsquo;s Shareholders&rsquo;
Agreement (CND PUT Exercise)</B></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. (&ldquo;ELJ&rdquo;),
as shareholders of Tenedora CND, S.A. (&ldquo;Tenedora&rdquo;) - 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&rsquo;s
Shareholders&rsquo; Agreement (&ldquo;<U>Shareholders&rsquo; Agreement</U>&rdquo;) to extend their partnership in the country, postponing,
therefore, the period for exercising the call and put options set forth in the aforementioned Shareholders&rsquo; 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 Tenedora&rsquo;s shares, and (ii) Tranche B, corresponding to the remaining 2,89%.</P>

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

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">On January 31, 2024,
ELJ exercised the put option for all Tranche A to the Company, in accordance with the provisions of the Shareholders' Agreement. The exercise
consummation of the Tranche A put option by ELJ took place by: (i) the Company's cash disbursement of approximately R$ 1.704.434; and
(ii) the payment of the of ELJ's debt held by the Group in the amount of R$ 335.673. Upon completion of the transaction, the Group now
holds an interest of approximately 97.11% in Tenedora, with the remaining approximately 2.89% being held by ELJ and subject to a put option
of Tranche B shares by ELJ, exercisable as of 2026 (or before that date in the event of a change of control of Tenedora or sale of all
or substantially all of its assets). The Company, in turn, has a call option relating to Tranche B shares, exercisable from 2029. The
assumptions used to value these options are described in note 29 - Financial Instruments (item 29.3.1) of the individual and consolidated
financial statements for the year ended December 31, 2024.</P>

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

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D"><B>i) May 2024</B></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 15 and 16, 2024, approved a share buyback program of shares issued by the Company itself up to the limit of
24.000.000 common shares, with the primary purpose of covering any share delivery requirements contemplated in the Company&rsquo;s share-based
compensation plans, or to be held in treasury, canceled and/or subsequently transferred. On the date of said approval, the Company had
4.410.858.485 outstanding shares. Between May 21 and May 24, 2024, the Company repurchased all the shares provided for in the program,
which was scheduled to end by November 16, 2025. The acquisition occurred as per a deduction of the capital reserve account recorded
in the balance sheet drawn up on March 31, 2024. <FONT STYLE="font-family: Avantt; font-size: 11pt; color: #00348D">The transaction was
carried out through the broker UBS Brasil Corretora de C&acirc;mbio, T&iacute;tulos e Valores Mobili&aacute;rios S.A.</FONT></P>
<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D"></P>


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<P STYLE="font: 11pt Avantt; margin: 0; color: #00348D"><FONT STYLE="letter-spacing: -0.05pt"><B>ii) October 2024</B></FONT></P>

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

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">The Board of Directors,
in a meeting held on October 30, 2024, approved a new share buyback program of shares issued by the Company itself up to the limit of
155.159.038 common shares, with the primary purpose of cancelling such shares, and any remaining shares may be held in treasury, sold
and/or delivered under the Company's share-based compensation plans.&nbsp; The Program will end by April 30, 2026, as detailed in the
Notice made to the market on that date.</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; background-color: white; color: #00348D">At the beginning of this
program, the Company held 4.388.851.573 outstanding shares.&nbsp;As of December 31, 2024, the Company had already acquired 8.240.400 common
shares. The acquisition was debited from the capital reserves account recorded in the balance sheet as of September 30, 2024. The operation
is underway through Santander Corretora de C&acirc;mbio 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="border: Black 1pt solid; vertical-align: top; width: 48%; 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="border-top: Black 1pt solid; width: 52%; 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>12/31/2024</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 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">21.801,7 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Adjusted 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">21.902,5 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 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">24,5%</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 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">28.932,0 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; 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">29.028,9 </FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 1.4pt 4.25pt; 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">32,5%</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 may be
mainly composed of: (a) restructuring activities; (b) amnesties and similar tax transactions; (c) acquisition of subsidiaries; and (d)
impairment and gains or losses on the disposal of assets and investments(&ldquo;Exceptional Items&rdquo;).</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"></P>


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<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.</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>

<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, of June 23, 2022, the Company cannot guarantee that other companies, including closely-held
companies, will adopt this standard meaning and/or that they will adopt the Company&rsquo;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&rsquo;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"></P>

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<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="padding: 1.4pt 4.25pt; vertical-align: bottom; width: 66%; 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="border-bottom: Black 1pt solid; vertical-align: top; width: 34%; 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>12/31/2024</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 &ndash; Ambev</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14.437,2 </FONT></TD></TR>

<TR>
    <TD STYLE="padding: 1.4pt 4.25pt; width: 66%; 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; width: 34%; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">409,7 </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">4.640,4</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>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">19.487,3 </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">(3,9) </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">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">2.318,2</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">21.801,7 </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">100,8</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>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">21.902,5 </FONT></TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Net revenue</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">89.452,7 </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">24,5%</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="padding: 1.4pt 4.25pt; width: 66%; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding: 1.4pt 4.25pt; width: 32%; text-align: center; text-indent: 10.25pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2024</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 &ndash; Ambev</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14.437,2</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="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">409,7 </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="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4.640,4 </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"><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">19.487,3 </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="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(3,9)</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="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2.318,2 </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="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">100,8 </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">Depreciation, Amortization &ndash; total<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7.126,5 </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>Adjusted EBITDA</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">29.028,9 </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 without investments write-off</FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(100,8)</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">Participation in the results 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">3,9 </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>EBITDA </B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">28.932,0 </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>Net revenue</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">89.452,7 </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>Adjusted EBITDA Margin</B></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">32,5%</FONT></TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 9pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><SUP>(1)</SUP> 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="padding: 1.4pt 4.25pt; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Exceptional items</B></FONT></TD>
    <TD COLSPAN="2" 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="padding: 1.4pt 4.25pt; vertical-align: bottom; width: 63%; 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="padding: 1.4pt 4.25pt; width: 33%; text-align: center; text-indent: 11.7pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>12/31/2024</B></FONT></TD>
    <TD STYLE="width: 4%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Restructuring<SUP>(1)</SUP></FONT></TD>
    <TD STYLE="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(99,3)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; 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="padding: 1.4pt 4.25pt; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">(1,5)</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding: 1.4pt 4.25pt; vertical-align: bottom; 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">(100,8)</FONT></TD>
    <TD>&nbsp;</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">(1) Restructuring expenses relate primarily to
centralization and sizing projects in Brazil, Latin America - South, CAC and Canada.</P>

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

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<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"></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&rsquo;s operations</FONT></B></P>
<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The Company&rsquo;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&rsquo;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>

<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&rsquo;s performance.</P>

<P STYLE="font: 11pt/112% 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>Disallowance of Tax Credits Paid Abroad</I></P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">In January 2025, the Company received new tax
assessments related to the 2019 calendar year, involving the disallowance of income tax credits paid abroad by its subsidiaries. As the
Company considers such assessments to be unlawful, it has filed administrative defenses, which are pending judgment. This assessment is
similar to the disallowances already contested by the Company, as disclosed in the audited individual and consolidated financial statements
for the year 2024, in note 17.2.1 - Main proceedings with possible loss probability, &quot;Disallowance of tax credits paid abroad&quot;,
of the individual and consolidated financial statements for the year ended December 31, 2024.</P>

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The assessed amount, estimated by the Company
and supported by the opinion of its internal and external legal counsel, with a possible loss probability, is approximately R$2 billion.
Due to its classification as a possible loss, the Company will not recognize a provision for this matter. This uncertain tax treatment,
according to ICPC 22/IFRIC 23, regarding income tax credits paid abroad, continued to be applied by the Company and impacted 2018, 2020
to 2024 calendar years. If new questions arise in the future, on the same basis and with the same grounds as the tax assessments mentioned,
the Company estimates that the outcome of these potential new discussions would be consistent with the periods already assessed.</P>
<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"></P>


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

<P STYLE="font: 11pt/112% Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">The Board of Directors, in a meeting held on
February 25, 2025, approved the distribution of dividends at the rate of R$ 0,1276 per share of the Company, based on the balances available
in the special balance sheet drawn up on January 31, 2025, of which the amount corresponding to the profit calculated in the period from
January 1 to January 31, 2025 will be allocated to the minimum mandatory dividends for the year 2025 and the remaining amount will be
allocated to the investment reserve set up in previous years, without withholding income tax, in accordance with the legislation in force.
Such payment will be made on April 4, 2025, based on the shareholding position of March 14, 2025 with respect to B3 S.A. - Brasil, Bolsa,
Balc&atilde;o (&quot;B3&quot;) and of March 18, 2025 with respect to the New York Stock Exchange - NYSE, without incurring adjustment
for inflation. The shares and ADRs will be traded ex-dividends as of March 17, 2025 (including).</P>

<P STYLE="font: 11pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"><B>2.7 &ndash; 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="border: black 1pt solid; width: 27%; padding: 1.4pt 4.25pt 1.4pt 6.6pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; width: 73%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 7.15pt; padding-left: 7.95pt"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D; letter-spacing: -0.1pt"><B>2024</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&rsquo;s Bylaws and its Profit Allocation Policy provide that from the ascertained balance will be successively calculated: (i) the statutory participation of the Company&rsquo;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&rsquo;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 <SUP>(1)</SUP></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;10.447.180.198,66</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">50%</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: 0.1pt"><B>(b) Rules regarding dividends distribution</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's Bylaws and its Profit Allocation Policy establish that at least 40% of the net profit adjusted in accordance with Article 202 of Law No. 6,404/76 must be distributed annually to shareholders as mandatory dividends.</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: 0.1pt"><B>(c)&#9;Frequency of the distributions of dividends</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 quarterly or on other frequency, on dates and amounts to be approved by the Board of Directors. 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>
  </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="border: black 1pt solid; width: 27%; 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-top: black 1pt solid; width: 73%; 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 &ldquo;Corporate Governance&rdquo;, &ldquo;Policies, Codes and Regulations&rdquo;, &ldquo;Profit Allocation Policy&rdquo;.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 9pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"><SUP>(1)</SUP> Including values relating to (i) reversion
of effects of the revaluation of fixed assets in the amount of R$ 11.823.167,53; and (ii) effect of application of IAS 29/CPC 42 (hyperinflation)
in the amount of R$ 6.481.320.000,00, as detailed in <U>Exhibit A.II</U> to the Management Proposal.</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"><B>2.8 &ndash; The Management should describe the
material items not reflected in the issuer&rsquo;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&rsquo;s accounting statements for fiscal year ended December 31, 2024.</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&rsquo;s accounting statements for fiscal year ended December 31, 2024.</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, 2024.</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>(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, 2024.</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, 2024.</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 &ndash; The Management should indicate and
comment on the main elements of the issuer&rsquo;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>

<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D">In 2024, the investment in consolidated property,
plant and equipment and intangible assets amounted to R$ 4.749 million, consisting in R$ 2.838 million for our business segment in Brazil,
R$559 million for our business segment in CAC, R$ 983 million related to investments in our operations in LAS and R$ 369 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 2025, we plan to invest with the purpose of increasing
value generation through greater return on our invested capital, keep focusing on supporting the 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>


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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><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 &ndash; <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&rsquo;s studies so to
capture future trends. ZITEC enabled Ambev to reduce its innovation launch period from eight to four months.</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 2021, we continued to expand our diversity with
the launch, in Brazil, of Michelob Ultra and Spaten, a pure malt beer, Munich Helles style. In 2022, one of our main innovations were
Budweiser Zero, recognized as the best non-alcohol beer in the Brazilian market by <I>O Estado de S&atilde;o Paulo</I> newspaper, and
Caipi Beats, new member of the Beats family, with a &ldquo;caipirinha&rdquo; flavor (a very popular Brazilian drink) made with <I>cacha&ccedil;a</I>.
Regarding packaging innovation, we developed an exclusive technology named KEG 5L, which was awarded as &ldquo;The Best Packaging Technology&rdquo;
in 2022 by ABRE (Brazilian Packaging Association), reinforcing our sustainability commitment.</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$ 124,2 million, including R$ 36,0 million in 2022, R$ 44,8 million in 2023 and R$ 43,4 million
in 2024.</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 2024, 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. In Brazil, we continue to implement BEES and, currently, more than 93% of our active clients are purchasing
through the platform. As part of our total digital strategy plan, almost 82% of our clients are currently purchasing exclusively through
BEES. The platform helped us to achieve a historic record of clients, including more than 20 thousand new clients to our base in 2024.
At BEES Marketplace we currently offer more than 550 Stock Keeping Units (&ldquo;SKUs&rdquo;) in different categories such as food products,
nonalcoholic beverages and hard liquor. The number of clients purchasing in the marketplace was equal to almost 70% of BEES&rsquo; clients
as of year ended December 31, 2024. In Brazil, our direct-to-consumer delivery platform, Z&eacute; Delivery, continued to grow in 2024,
being present in over 700 cities and in all 27 Brazilian states, reaching almost 70% of the country&rsquo;s total population. Z&eacute;
Delivery delivered more than 66 million orders in 2024 and had more than 5 million monthly active users on December 31, 2024.</P>
<P STYLE="font: 11pt/12.5pt Avantt; margin: 0; text-align: justify; color: #00348D"></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">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
55% of the BEES clients as of year ended December 31, 2024. In Paraguay, 86% of the direct and indirect B2B sales are made through BEES,
with total digital buyers representing 74% of the total number of clients as of year ended December 31, 2024. In Bolivia, 74% of the direct
and indirect B2B sales are made through BEES, with total digital buyers representing 95% of the total number of clients in year ended
December 31, 2024. At LAS, TaDa 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, had a challenging 2024 due to the country's economic situation. The Platform is present in 49 cities, with
over 550 thousand orders, with a decrease of 45% in 2024 compared to 2023 and monthly active users decreasing 25% in 2024 compared to
2023. In Paraguay, TaDa is present in 28 cities, covering almost 53% of the population, with the number of orders increasing 39% in 2024
compared to 2023 and monthly active users increasing 36% in 2024 compared to 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 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 90% of the B2B clients purchasing through the platform and more than 97% of the net revenue of the country coming from BEES
in 2024. We are also exploring the BEES marketplace in the country, with 18 different categories available and more than 350 SKUs for
our clients as of year ended December 31, 2024. In Panama, we also continue to implement BEES, with more than 100% of the country&rsquo;s
net revenue in 2024 deriving from the platform. At CAC, TaDa in Dominican Republic continued its expansion in 2024, with the number of
orders increasing 35% in 2024 compared to 2023 and monthly active users increasing 27% in 2024 compared to 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 Canada, BEES continues to evolve its scale and
offerings. BEES is live in the Provinces of Alberta, British Columbia, Newfoundland and Labrador, Saskatchewan and Quebec. In 2024, orders
through BEES accounted for approximately 20% of net revenue for the Canadian business, with Quebec accounting for the majority of orders
placed using BEES. BEES was launched in Alberta, British Columbia and Saskatchewan in 2024, and approximately 500 customers purchased
products through BEES in these provinces. In Newfoundland and Labrador, net revenue from BEES orders doubled in 2024, as compared to 2023.
BEES marketplace also continued to evolve in Canada, offering products from nine third party partners in 2024.</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&rsquo;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 sustainability
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: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</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&rsquo;s operations;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 21.3pt; 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: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</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>


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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt">&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: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</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 (Eclipse), to reduce our Scope 3 emissions, sharing best practices, climate governance and data, training and advisory,
supporting the reduction of 21,3% of the intensity of out GEE emissions in Scopes 1, 2 and 3;</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 21.3pt; 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: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</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 21.3pt; 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: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</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 21.3pt; 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: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</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>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 21.3pt; 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: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">improvement of the Company&rsquo;s governance and transparency
system, compared to companies in the same industry; and</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt Avantt; margin: 0 0 0 21.3pt; 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: 3.3pt"></TD><TD STYLE="width: 18pt"><FONT STYLE="font-family: Courier New, Courier, Monospace; font-size: 11pt">o</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 11pt">the creation of our BORA HUB, a productive inclusion
platform created in 2022 with the ambition of impacting more than 5 million people in 10 years. As a HUB we are composed of several Companies,
Social Organizations and Government Entities working together on more than 30 projects, acting in synergy to generate economic growth
for these people.</FONT></TD></TR></TABLE>

<P STYLE="font: 11pt 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>2.11 &ndash; 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>

<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">&nbsp;</P>

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


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<P STYLE="color: #00348D; font: 11pt/115% Avantt; margin: 0 0 10pt; text-align: center"><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; color: #00348D; margin: 0 0 10pt; text-align: center">(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="border: Black 1pt solid; width: 100%; 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>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 50%; padding-top: 3pt; padding-bottom: 3pt"><FONT STYLE="font-family: Avantt; color: #00348D">Net profit as per corporate law</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; width: 50%; padding-top: 3pt; padding-bottom: 3pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 14.437.237.749,00&#9;</FONT></TD></TR>
  <TR>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; 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>
<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; width: 100%; 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>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 50%; 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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; width: 50%; padding-right: 3.5pt; padding-left: 3.5pt">
    <P STYLE="font: 11pt Avantt; color: #00348D; margin: 0; text-align: center">R$ 10.505.388.233,75</P>
    <P STYLE="font: 11pt Avantt; color: #00348D; margin: 0; text-align: center">&nbsp;</P></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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$ 9.990.970.880, 24</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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">R$ 6.653.202.734,02</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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$ 3.852.185.499, 73</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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$ 3.337.768.146,2 2</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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$ 0,6309</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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$ 0,6676</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 0,4228</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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$ 0,2448</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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$ 0,2081</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>
<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; width: 100%; 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>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 50%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 50%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">Percentage of net profit distributed for the fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">72,77%</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; text-align: center; border-bottom: Black 1pt solid; border-left: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt"><FONT STYLE="font-family: Avantt; color: #00348D">69,20%</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="border: Black 1pt solid; width: 100%; 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 2024, dividends based on the profit of previous years were not distributed (and will not be proposed for resolution at an annual general meeting).</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0">&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; width: 100%; 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; color: #00348D; margin: 0 0 10pt 25.9pt; text-align: justify; text-indent: -27pt"><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;&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; color: #00348D; margin: 6pt 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts declared by the Board of Directors of the Company and advanced to the shareholders, as 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; color: #00348D; margin: 0 0 10pt 25.9pt; text-align: justify; text-indent: -27pt"><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;&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; color: #00348D; margin: 6pt 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts declared by the Board of Directors of the Company and advanced to the shareholders, as 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; color: #00348D; margin: 0 0 10pt 25.9pt; text-align: justify; text-indent: -27pt"><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;&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; color: #00348D; margin: 6pt 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts declared by the Board of Directors of the Company and advanced to the shareholders, as 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; color: #00348D; margin: 0 0 10pt 25.9pt; text-align: justify; text-indent: -27pt"><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;&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; color: #00348D; margin: 6pt 0; text-align: justify">Not applicable given that the meeting of shareholders
    will merely ratify the amounts declared by the Board of Directors of the Company and advanced to the shareholders, as informed in item
    2 above.</P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Avantt; color: #00348D; margin: 0">&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="border: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0; text-align: justify"><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; color: #00348D; margin: 6pt 0; text-align: justify"><B>a) State the amount of the dividends and interest
    on own capital already declared</B></P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0; text-align: justify"><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-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify">
    <P STYLE="margin-top: 0; margin-bottom: 0; color: rgb(0,52,141)">Total amount of interest on own capital and dividends already declared
    related to the fiscal year ended on December 31, 2024, based on profits assessed in balance sheets prepared every six months or in shorter
    periods:</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; color: rgb(0,52,141)">&nbsp;</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; color: rgb(0,52,141)">Total Gross Amount: R$ 10.505.388.233,75</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; color: rgb(0,52,141)">&nbsp;</P>
    <P STYLE="margin-top: 0; margin-bottom: 0; color: rgb(0,52,141)">Total Net IRRF Amount: R$ 9.990.970.880,24</P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Resolution Date</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Payment Date</FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Type of Event</FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Payment (R$ per share)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Nominal</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Net</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; width: 18%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">12/11/24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 18%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">12/30/24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 18%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">IOC</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 18%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">0,2448</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 28%; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">0,2081</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-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">12/11/24</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">01/07/25</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividends</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">0,4228</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">0,4228</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page --><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; background-color: #DBE5F1">
    <TD STYLE="border: Black 1pt solid; width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; 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: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt"><FONT STYLE="color: rgb(0,52,141)"><B>a)&nbsp;&nbsp;&nbsp;&nbsp; Net profit for the fiscal year and the previous three fiscal years.</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="background-color: #DBE5F1">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 80%; 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="border-top: Black 1pt solid; width: 20%; 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="border-right: Black 1pt solid; white-space: nowrap; 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">2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">0,92</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">0,91</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="font: 11pt Avantt; color: #00348D; margin: 6pt 0; text-align: justify"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends
and interest on own capital distributed during the previous three fiscal years.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 54%; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; width: 46%; 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="border-right: Black 1pt solid; white-space: nowrap; 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>2023</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; background-color: #DBE5F1; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividend per share:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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">Common</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">0,0000</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">0,7302</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">0,6207</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D"><B>2022</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: justify"><FONT STYLE="font-family: Avantt; color: #00348D">Dividend per share:</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: center"><FONT STYLE="font-family: Avantt; color: #00348D">Common</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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>
  </TABLE>
<P STYLE="font: 11pt Avantt; color: #00348D; margin: 6pt 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Avantt; color: #00348D; margin: 0">&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; width: 100%; 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, 2024 to its composition.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0">&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; width: 100%; 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; color: #00348D; margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page --><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; background-color: #DBE5F1">
    <TD STYLE="border: Black 1pt solid; width: 100%; 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; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0"><B>a) Describe the manner of calculation as provided on the bylaws</B></P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0; text-align: justify">Pursuant to &sect;3 of article 41 of the Company&#8217;s
    bylaws, 5% of the net profit for the year will be allocated to the legal reserve, which shall not exceed 20% of the capital stock. The
    Company may refrain from constituting the legal reserve in a fiscal year when the balance of this reserve, plus the amount of capital
    reserves, exceeds 30% of the capital stock.</P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0; text-align: justify">Following this allocation, and excluding the tax
    incentive reserves, 40% of the net profit will be allocated to pay mandatory dividends to all company shareholders.</P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 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; color: #00348D; margin: 0">&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; width: 100%; 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; color: #00348D; margin: 0"><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="border: Black 1pt solid; width: 100%; 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; color: #00348D; margin: 0">&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; width: 100%; 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; color: #00348D; margin: 0">&nbsp;</P>

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

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    <TD STYLE="border: Black 1pt solid; width: 100%; 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; color: #00348D; margin: 0"><B>&nbsp;</B></P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0"><B>a) Describe the statutory clauses establishing the reserve.</B></P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0">&nbsp;</P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0; text-align: justify">Article 42, &sect;3, letter &#8220;c&#8221; of the Company&#8217;s
    bylaws stipulate that no more than 60% of the adjusted net profit can be set aside for constituting the Reserve for Investment, whose
    purpose is to finance the expansion of the Company&#8217;s activities and those of its subsidiary companies, including through capital
    increases or setting up new enterprises. In accordance with &sect;4 of article 42 of the Company&#8217;s bylaws, the amount allocated
    to the statutory reserve may not exceed 80% of its capital stock. Once this limit is reached, the General Meeting of Shareholders must
    resolve on the balance, either allocating it for distribution to the shareholders or to increase the Company&#8217;s capital stock.</P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0; text-align: justify">&nbsp;</P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0; text-align: justify"><B>b) Identify the amount intended for the reserve.</B></P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0; text-align: justify"><B>&nbsp;</B></P></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0">&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="border: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; width: 72%; 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="border-right: Black 1pt solid; white-space: nowrap; width: 28%; border-bottom: Black 1pt solid; font: 11pt/115% Calibri, Helvetica, Sans-Serif; padding-top: 6pt; padding-bottom: 6pt; text-align: right"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 10.339. 054.767,31</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0">&nbsp;</P>

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

<P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0"><B>c) Describe how the amount was calculated.</B></P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: bottom; background-color: #DBE5F1">
    <TD COLSPAN="2" STYLE="border: Black 1pt solid; white-space: nowrap; 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$)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 72%; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D"><B>Net profit for the year</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 28%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 10pt; padding-left: 3.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 14.437.237.749,00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ 11.823.167,53</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ 6.481.320.000,00</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ (108.125.431,35)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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>Adjusted net profit</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-align: right; line-height: 115%"><FONT STYLE="font-family: Avantt; color: #00348D">R$ 20.822.255.485,18</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ (6.653.202.734,02)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ (3.852.185.499,73)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ 10.316.867.251,43</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ 22.187.515,88</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ 10.339.054.767,31</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; 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">R$ (10.339.054.767,31)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-top: 6pt; padding-bottom: 6pt; text-align: right; line-height: 115%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; 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>
<P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0">&nbsp;</P>

<P STYLE="font: 9pt/115% Avantt; color: #00348D; margin: 6pt 0; text-align: justify">(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 accounting
statements for the purposes of disclosure, pursuant to the historic cost method described in section 2.7 of Exhibit A.I of this proposal,
but this portion does not belong to the Company.</P>

<P STYLE="font: 9pt/115% Avantt; color: #00348D; margin: 6pt 0; text-align: justify"><FONT STYLE="font-size: 9pt">(2) According to described
in Note 3.4 to the consolidated accounting statements of December 2024, 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>

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

<P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0">&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; width: 100%; 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; color: #00348D; margin: 0 0 6pt"><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="border: Black 1pt solid; width: 100%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0"><B>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allocation of earnings
    to the reserve for tax incentives:</B></P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0"><B>a) State the amount allocated to the reserve</B></P>
    <P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 6pt 0"><B>b) Explain the nature of the allocation</B></P></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: 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$ 108.125.431,35 of which (i) R$ 107.369.721,51 refer to state ICMS tax incentives received by several of the Company&#8217;s units; and (ii) 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>
<P STYLE="font: 11pt/115% Avantt; color: #00348D; margin: 0; text-align: center">&nbsp;</P>

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


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

<P STYLE="font: 10pt/115% Avantt; color: #00348D; margin: 0 0 10pt; text-align: center"><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; color: #00348D; margin: 1.45pt 0 0"><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; color: #00348D; margin: 0.2pt 0 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="vertical-align: top; background-color: #DBE5F1">
    <TD STYLE="border: Black 1pt solid; width: 20%; 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="border-top: Black 1pt solid; width: 11%; 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="border-top: Black 1pt solid; width: 27%; 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="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 10pt"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D"><B>Date elected</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 16%; 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="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; 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; color: #00348D; margin: 2.6pt 0 0; text-align: center"><B>Taxpayer No. (CPF)</B></P>
    <P STYLE="font: 10pt/10pt Avantt; color: #00348D; margin: 0.2pt 0 0; text-align: center">&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">04/29/2025</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 2026 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">05/07/2025 (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">04/29/2025</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 2026 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">05/07/2025 (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">04/29/2025</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 2026 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">05/07/2025 (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: 2pt; padding-left: 0.65pt"><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">04/29/2025</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 2026 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">05/07/2025 (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">04/29/2025</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 2026 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">05/07/2025 (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">Nilson Martiniano Moreira</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 26, 1968</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">04/29/2025</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 2065 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">583.491.386-53</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-top: 0.2pt; padding-right: 5.4pt; padding-left: 5.4pt; 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 (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">05/07/2025 (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; color: #00348D; margin: 0.2pt 0 0">&nbsp;</P>

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    <TD STYLE="border-top: Black 1pt solid; width: 99%; 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: 1%; background-color: gainsboro">&nbsp;</TD></TR>
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<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 16.2pt 0 0; text-align: justify"><B>Jos&eacute; Ronaldo Vilela Rezende &ndash;
501.889.846-15</B></P>

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

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 16.2pt 1pt -56.7pt"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify"><B>Elidie Palma Bifano - 395.907.558 - 87</B></P>

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 16.2pt 0 0; text-align: justify">Mrs. Bifano holds the position of effective member
of the Company&rsquo;s Fiscal Council. Over the past five years, she held the following positions with the following companies: (i) partner
at Mariz de Oliveira and Siqueira Campos Law Firm; (ii) Professor of the Professional Master's Course at the S&atilde;o Paulo Law School
of Funda&ccedil;&atilde;o Get&uacute;lio Vargas - FGV, in the course Business Structuring; 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>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 16.2pt 1pt -56.7pt"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 16.2pt 0 0; text-align: justify"><B>Emanuel Sotelino Schifferle - 009.251.367-00</B></P>

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 16.2pt 0 0; text-align: justify">Mr. Schifferle holds the position of alternate
member of the Company&rsquo;s Fiscal Council. Over the past five years, he acted as managing partner of ASPA Assessoria e Participa&ccedil;&otilde;es
S/C Ltda., a company whose main activity is advising companies on restructuring, acquisition, negotiating contracts and transitional management,
having managed companies under judicial recovery, reorganizing and restructuring companies, and renegotiating contracts among other activities.
In addition, Mr. Schifferle acted as member of the Fiscal Council of Am&eacute;rica Latina Log&iacute;stica (ALL), between 2004 and 2009,
a 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; color: #00348D; margin: 0; text-align: justify"><B>Eduardo Rogatto Luque - 142.773.658-84</B></P>

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

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 16.2pt 1pt -56.7pt"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 16.2pt 0 0; text-align: justify"><B>Fabio de Oliveira Moser - 777.109.677-87</B></P>

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

<P STYLE="font: 10pt Avantt; color: #00348D; 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>

<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 16.2pt 1pt -56.7pt"><DIV STYLE="border-top: Black 1.5pt solid; font-size: 1pt">&nbsp;</DIV></DIV><!-- Field: /Rule-Page --><P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 16.2pt 0 0; text-align: justify"><B>Nilson Martiniano Moreira - 583.491.386-53</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 16.2pt 0 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 16.2pt 0 0; text-align: justify">Mr. Moreira holds the position of member of Ultrapar
Fiscal Council. In the past 5 years, he has held the following positions in the following companies/institutions: (i) risks, compliance
and legal director at Caetano Gest&atilde;o de Contas e Pagamentos in 2021; (ii) many different officers at Banco do Brasil from 2006
and 2018, the last one being supply, infrastructure and assets director; (iii) member of the Audit Committee of Banco Votorantim from
2020 to 2021; (iv) member of the Audit Committee of BrasilSeg from 2019 and 2020; (v) member of the Audit Committee of BrsilCap from 2018
and 2020; and (vi) member of the Fiscal Council of Elopar from 2018 and 2019. Mr. Moreira was elected by the minority shareholders. Mr.
Moreira has declared, for all legal purposes, that he has not in the last five years been subject to the effects of any criminal conviction,
any conviction or penalty in administrative proceedings before the CVM, the Central Bank of Brazil, the Federal Insurance Commissioner
and any final verdict in the judicial or administrative sphere that led to suspension or disqualification from the practice of any professional
or commercial activity. He is not a politically exposed person under the current legislation.</P>

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

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    <!-- Field: /Page --><P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 0.6pt 0 0; text-align: justify"><B>7.4 - Provide information mentioned in item
7.3 in relation to members of the statutory committees and of the audit, risk, financial and compensation committees, even if such committees
or structures are not statutory.</B></P>

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify">Not applicable. None of the members designated for the Fiscal
Council are part of any of the Company's committees.</P>

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify"><B>7.5 - Inform the existence of any marital, 'stable union'
or kinship relationship up to the 2nd degree between: a. members of issuer&rsquo;s management; b. (i) members of issuer&rsquo;s management
and (ii) issuer&rsquo;s members of direct or indirect subsidiaries&rsquo; management; c. (i) members of issuer&rsquo;s management or its
directly or indirectly held subsidiaries and (ii) issuer&rsquo;s direct or indirect controlling shareholders; d. (i) members of issuer&rsquo;s
management and (ii) issuer&rsquo;s members of direct and indirect parent companies&rsquo; management</B></P>

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

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify">Not applicable, since there are no cases of marital, 'stable
union' or kinship relations to the second degree among those nominated for positions as members of the Company&rsquo;s Fiscal Council
and Company&rsquo;s management.</P>

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify"><B>b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;members of
Company's management and of its directly or indirectly held subsidiaries:</B></P>

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify">Not applicable, since there are no cases of marital, 'stable
union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and managers of
the Company's directly or indirectly held subsidiaries.</P>

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

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify">Not applicable, since there are no cases of marital, 'stable
union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and the Company's
direct or indirect controlling shareholders.</P>

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

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify">Not applicable, since there are no cases of marital, 'stable
union' or kinship relations to the second degree among those nominated for positions as members of the Fiscal Council and the management
of the Company's direct and indirect parent companies.</P>

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

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

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

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

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    <!-- Field: /Page --><P STYLE="font: 12pt Times New Roman, Times, Serif; color: #00348D; margin: 0; text-align: justify; text-indent: 0in"><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: 10pt Avantt; color: #00348D; margin: 0; text-align: justify; text-indent: 0in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0; text-align: justify">Not applicable, since there are no relations of subordination
between the Company&rsquo;s direct or indirect controlling shareholder and those nominated for the positions as member of the Company&rsquo;s
Fiscal Council, company directly or indirectly controlled by the Company, in the last three fiscal years.</P>

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

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

<P STYLE="font: 10pt Avantt; color: #00348D; margin: 0 0 12pt; text-align: justify">Not applicable, since there are no relevant relationships
between any supplier, client, debtor or creditor with the Company, its subsidiaries or parent companies, or subsidiaries of any of these
persons, in the last three fiscal years.</P>

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


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<DESCRIPTION>EX-99.4
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

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

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: center; color: #00348D"><B><U>EXHIBIT A.IV &ndash; COMPENSATION OF THE MANAGERS</U></B></P>

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

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: left; 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, generally 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 composed of at least three (3) and
at most six (6) members, the majority of whom must be members of the Board of Directors, and 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;) to the extent that
they apply to employees in general, including the approval of grants and concessions directed to employees.</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, besides discussing and approving annual
goals of such executives, as well as validating them at the end of each fiscal year. For more information about the Plans, please refer
to item 8.4 of the Reference Form.</P>
<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"></P>


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<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">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. Similarly, no Officer participates in the decision-making process
or resolves their own compensations.</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 who are directly 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, including analyzing if there is a need to adapt the compensation practices adopted.
By reporting the results of such evaluation to the Board of Directors, if deems it necessary, the People Committee may propose adjustments
to 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, 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>


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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"><B><I>(i)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;description
of the compensation elements, including, in relation to each one of them: their purposes and alignment with the issuer&rsquo;s short,
medium and long-term interests; its proportion in the total compensation in the last three fiscal years; its methodology for calculation
and restatement; and main performance indicators taken into account therein, including, where applicable, indicators linked to ESG issues.</I></B></P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: justify; color: #00348D"><B><I>&nbsp;</I></B></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 managers&rsquo; 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 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). In the fiscal years ended December 31, 2022 and December 31, 2023, one member of the Board of Directors was also entitled to
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 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. The members of the Board of Directors are not entitled to 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 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 generating long-term value for 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 officers are also 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, as well as 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 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. 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>


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<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 Annual Shareholders&rsquo; Meetings. The compensation paid
to each member should not be lower than 10% 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 subitems (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 related 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>

<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 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), 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>


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<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="border: Black 1pt solid; width: 29%; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>2024</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; vertical-align: top; width: 15%; border-right: Black 1pt solid; border-bottom: Black 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>Non-Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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><I>Wage or directors' fees</I></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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>42,66%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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>15,64%</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>26,99%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">42,66%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">14,24%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20,46%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,41%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">6,53%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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>0,00%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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>19,73%</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>22,59%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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>57,34%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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>64,63%</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>50,42%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border: Black 1pt solid; width: 29%; 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="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; vertical-align: top; width: 15%; border-right: Black 1pt solid; border-bottom: Black 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>Non-Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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><I>Wage or directors' fees</I></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 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>25,94%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,91%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,04%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 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>17,75%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 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>56,31%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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>

<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; width: 29%; 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="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; vertical-align: top; width: 15%; border-right: Black 1pt solid; border-bottom: Black 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>Non-Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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><I>Wage or directors' fees</I></B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 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>27,81%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">20,61%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">7,20%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 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>15,44%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 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>56,75%</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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 Avantt; margin: 0 1.35pt 12pt 0; text-align: justify; color: #00348D"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">With respect to the Board of Officers (as for the
Board of Directors in the fiscal years ended in 2022 and 2023), the proportion of the elements of compensation 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>


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<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 granted under the Option Plan, as well as for a description of the calculation methodology related to the
Stock Plan, please refer to items 8.4 and 8.12 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, as already shown in item 1.9.(e) of
the Company&rsquo;s Reference Form, the key sustainability performance indicators represent an important step towards the integration
of the subject in the business strategy of the Company. In this regard, the variable compensation of the Officers is directly impacted
by indicators relating to sustainability, focusing in the following pillars: environment: (including climate change, renewable energy,
reduction of water consumption and expansion of regenerative agriculture), reputation (responsible consumption), governance (including
generation of income and employment opportunities, level of service and consumer satisfaction, and engagement of Company&rsquo;s employees).</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 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 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. It is worth noting that such criteria were
also applicable in relation to the Board of Directors, to the extent that certain members were entitled to such variable remuneration
in the fiscal years 2022 and 2023.</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>


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<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 subitens (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">With stock-based compensation being one of the components
of the compensation of 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. Such members receive compensations by the Controlling Shareholder
of the Company, for the exercise of their duties as managers of the Controlling Shareholder..</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">Except as provided for in item (c)(iii) above, the
other members of the Board of Directors, the Fiscal Council, the Board of Officers and the Advisory Committees of the Company do not receive
any compensation supported by subsidiaries, controlled companies or direct or indirect controlling shareholders of the Company.</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="font: 10pt/150% Avantt; color: #00348D; 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 12/31/2025 - Annual Amounts</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-right: Black 1pt solid; width: 25%; 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="border-right: Black 1pt solid; width: 20%; border-bottom: Black 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="border-right: Black 1pt solid; width: 18%; border-bottom: Black 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="border-right: Black 1pt solid; width: 21%; border-bottom: Black 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="border-right: Black 1pt solid; width: 16%; border-bottom: Black 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 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: 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: 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: 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: 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: justify"><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: justify"><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%">9.744.420</FONT></TD>
    <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%">26.577.024</FONT></TD>
    <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%">2.455.546</FONT></TD>
    <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>38.776.990</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: justify"><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%">1.244.917</FONT></TD>
    <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>1.244.917</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: justify"><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: justify"><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: justify"><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: justify"><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: justify"><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: justify"><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: normal 9pt Avantt; color: #00348D">35.461.350</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font: normal 9pt Avantt; 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: normal 9pt Avantt; color: #00348D">35.461.350</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: justify"><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: justify"><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: justify"><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: justify"><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: justify"><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: normal 9pt Avantt; color: #00348D">2.411.936&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: normal 9pt Avantt; 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: normal 9pt Avantt; color: #00348D"><B>2.411.936&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: justify"><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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Share-based compensation, including stock options</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: normal 9pt Avantt; color: #00348D">14.184.292</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font: normal 9pt Avantt; color: #00348D">159.924.620</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font: normal 9pt Avantt; 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: normal 9pt Avantt; color: #00348D">174.108.912</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="border: Black 1pt solid; width: 25%; 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="border-top: Black 1pt solid; vertical-align: top; width: 20%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; vertical-align: top; width: 18%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; vertical-align: top; width: 21%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 16%; 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: 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: normal 9pt Avantt; color: #00348D"><B>23.928.712</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: normal 9pt Avantt; color: #00348D"><B>23.928.712</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: normal 9pt Avantt; color: #00348D"><B>2.455.546</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: normal 9pt Avantt; color: #00348D"><B>252.004.105</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 expected for the current Fiscal Year as of 12/31/2024 - Annual Amounts</B></FONT></TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-right: Black 1pt solid; width: 25%; 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="border-right: Black 1pt solid; width: 20%; border-bottom: Black 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="border-right: Black 1pt solid; width: 18%; border-bottom: Black 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="border-right: Black 1pt solid; width: 21%; border-bottom: Black 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="border-right: Black 1pt solid; width: 16%; border-bottom: Black 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 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: 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: 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: 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: 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Annual Fixed Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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 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: justify"><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: normal 9pt/150% Avantt; color: #00348D">8.368.507</FONT></TD>
    <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: normal 9pt/150% Avantt; color: #00348D">19.471.560</FONT></TD>
    <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: normal 9pt/150% Avantt; color: #00348D">2.210.859</FONT></TD>
    <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: normal 9pt/150% Avantt; color: #00348D"><B>30.050.925</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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Direct and indirect benefits</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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: normal 9pt/150% Avantt; color: #00348D">384.000</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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: normal 9pt/150% Avantt; color: #00348D"><B>384.000</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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in Committees</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other fixed compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Variable Compensation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Bonus</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Profit sharing</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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: normal 9pt Avantt; color: #00348D">26.980.566</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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: normal 9pt Avantt; color: #00348D"><B>26.980.566</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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Participation in meetings</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Commissions</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Others</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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 STYLE="background-color: white">
    <TD STYLE="border: Black 1pt solid; width: 25%; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Description of other variable compensation</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; vertical-align: top; width: 20%; border-right: Black 1pt solid; border-bottom: Black 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-top: Black 1pt solid; vertical-align: top; width: 18%; border-right: Black 1pt solid; border-bottom: Black 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-top: Black 1pt solid; vertical-align: top; width: 21%; border-right: Black 1pt solid; border-bottom: Black 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-top: Black 1pt solid; vertical-align: top; width: 16%; border-right: Black 1pt solid; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Post-Employment</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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: normal 9pt Avantt; color: #00348D">1.537.973</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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: normal 9pt Avantt; color: #00348D"><B>1.537.973</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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Termination of office</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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; vertical-align: top; border-bottom: Black 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 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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D"><B>Share-based compensation, including stock options</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: normal 9pt/150% Avantt; color: #00348D">11.250.026</FONT></TD>
    <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: normal 9pt/150% Avantt; color: #00348D">88.400.834</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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: normal 9pt/150% Avantt; color: #00348D"><B>99.650.860</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: justify"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">Observation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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="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: 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; line-height: 150%"><FONT STYLE="font: normal 9pt/150% Avantt; color: #00348D"><B>19.618.533</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: normal 9pt/150% Avantt; color: #00348D"><B>136.774.933</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: normal 9pt/150% Avantt; color: #00348D"><B>2.210.859</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: normal 9pt/150% Avantt; color: #00348D"><B>158.604.325</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="border-right: Black 1pt solid; width: 25%; 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="border-right: Black 1pt solid; width: 20%; border-bottom: Black 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="border-right: Black 1pt solid; width: 18%; border-bottom: Black 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="border-right: Black 1pt solid; width: 21%; border-bottom: Black 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="border-right: Black 1pt solid; width: 16%; border-bottom: Black 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: 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">&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>-&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>
  </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="border-right: Black 1pt solid; width: 25%; 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; width: 20%; border-bottom: Black 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; width: 18%; border-bottom: Black 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; width: 21%; border-bottom: Black 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; width: 16%; border-bottom: Black 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"><B>Share-based compensation, including stock options</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">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>
  <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">Observation</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 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="border-right: Black 1pt solid; border-bottom: Black 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;</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="border-right: Black 1pt solid; width: 25%; 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="border-right: Black 1pt solid; width: 20%; border-bottom: Black 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="border-right: Black 1pt solid; width: 18%; border-bottom: Black 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="border-right: Black 1pt solid; width: 21%; border-bottom: Black 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="border-right: Black 1pt solid; width: 16%; border-bottom: Black 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: left"><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: 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: 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"><B>Annual Fixed 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">-</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 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">&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">&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">&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">&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">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"><B>Share-based compensation, including stock options</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">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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<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="border-right: Black 1pt solid; width: 25%; 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="border-right: Black 1pt solid; vertical-align: top; width: 20%; border-bottom: Black 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="border-right: Black 1pt solid; vertical-align: top; width: 18%; border-bottom: Black 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="border-right: Black 1pt solid; vertical-align: top; width: 21%; border-bottom: Black 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="border-right: Black 1pt solid; width: 16%; border-bottom: Black 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;</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>

<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/150% Avantt; color: #00348D; 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: 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: 12/31/2025</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; width: 41%; 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="border-top: Black 1pt solid; width: 15%; 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="border-top: Black 1pt solid; width: 14%; 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="border-top: Black 1pt solid; width: 10%; 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="border-top: Black 1pt solid; width: 20%; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D">3.503.875</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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D"><B>3.503.875</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D">35.461.350</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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D"><B>35.461.350</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D">27.161.821</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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D"><B>27.161.821</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: 12/31/2024</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border: Black 1pt solid; width: 41%; 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="border-top: Black 1pt solid; width: 15%; 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="border-top: Black 1pt solid; width: 14%; 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="border-top: Black 1pt solid; width: 10%; 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="border-top: Black 1pt solid; width: 20%; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">-</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">26.980.566</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>26.980.566</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="border: Black 1pt solid; width: 41%; 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="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 10%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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>
  </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="border-right: Black 1pt solid; vertical-align: top; width: 41%; 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; width: 15%; 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; width: 14%; 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; width: 10%; 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; width: 20%; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border: Black 1pt solid; width: 41%; 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="border-top: Black 1pt solid; width: 15%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 11%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 19%; border-right: Black 1pt solid; border-bottom: Black 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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; 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="font: 10pt/150% Avantt; color: #00348D; 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;&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 already exercisable, but not yet expired and remain valid within the scope of the programs issued according to the Option
Plan and are, therefore, subject to the accounting treatment provided for in the aforementioned standard. 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
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"></P>


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<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 or Performance 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 or Performance 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 and Performance
Shares is exempt from financial consideration.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Additionally, on some occasions, ABI employees and
managers are transferred to the Company. In such cases, the cost (&ldquo;compensation cost&rdquo;) related to options to acquire shares
and restricted shares of ABI is recognized in the income statement as a contra entry to equity, proportionally to the period after the
transfer to the Company. At the time of delivery of the equity instruments, said amount is reimbursed to ABI.</P>

<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">Conversely, when employees and Managers who hold options
to acquire shares and Restricted Shares of the Company are transferred to ABI, the compensation cost is recognized by the Controlling
Company proportionally to the period after the transfer, so that the Company is also reimbursed at the time of delivery of its equity
instruments to ABI employees and managers.</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>


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<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 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>

<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, 2024.1 and 2025.1, 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 five 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, 2024.1, <FONT STYLE="text-decoration: underline double">,
2024.2, 2024.3, 2024.4, 2024.5, 2024.6, 2024.7, 2024.8, 2024.9</FONT> and 2025.1, 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 a performance test in comparison to other companies in the consumer goods sector
criteria are met according to rules 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, 2024.1, and 2025.1, 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, 2024.1, <FONT STYLE="text-decoration: underline double">2024.2,
2024.3, 2024.4, 2024.5, 2024.6, 2024.7, 2024.8, 2024.9</FONT> and 2025.1, according to the Stock Plan, the granting of shares shall be
made free of charge to the participants, provided that the reference price of each restricted share will correspond to the quotation
of the Company&rsquo;s shares traded at B3 on the trading session immediately before the grant date, under the terms of the Stock Plan
and of the relevant program.</P>
<P STYLE="font: 10pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D"></P>


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<P STYLE="font: 10pt Avantt; color: #00348D; 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, 2019.4,
2020.1, 2021.1, 2022.1, 2023.1,2024.1 and 2025.1, 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, 2024.1, <FONT STYLE="text-decoration: underline double">2024.2, 2024.3, 2024.4, 2024.5, 2024.6, 2024.7, 2024.8, 2024.9</FONT>
and 2025.1, the delivery of Restricted Shares or Performance 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 and Performance 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, 2024.1 and 2025.1, 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>


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<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, 2024.1, <FONT STYLE="text-decoration: underline double">2024.2, 2024.3, 2024.4, 2024.5, 2024.6, 2024.7, 2024.8, 2024.9</FONT>
and 2025.1, 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>

<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">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>



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<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 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, 2024.1 and 2025.1</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>


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<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>

<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, 2024.1, <FONT STYLE="text-decoration: double">2024.2,
2024.3, 2024.4, 2024.5, 2024.6, 2024.7, 2024.8, 2024.9</FONT> and 2025.1</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>


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<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>

<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, 2024.1, <FONT STYLE="text-decoration: underline double">2024.2,
2024.3, 2024.8, 2024.9</FONT> and 2025.1.</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>


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<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>

<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="font: 10pt/150% Avantt; color: #00348D; 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"><B>Fiscal Year: 12/31/2025</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; white-space: nowrap; width: 58%; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 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></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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 at the beginning of fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,34</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0187%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0313%</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: 12/31/2024</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border: Black 1pt solid; white-space: nowrap; width: 58%; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 20%; border-right: Black 1pt solid; border-bottom: Black 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></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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 at the beginning of fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,34</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18,10</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16,85&nbsp;</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16,85&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0217%</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,0347%</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="border: Black 1pt solid; white-space: nowrap; width: 59%; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 19%; border-right: Black 1pt solid; border-bottom: Black 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></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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 at the beginning of fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border: Black 1pt solid; white-space: nowrap; width: 59%; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; border-right: Black 1pt solid; border-bottom: Black 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="border-top: Black 1pt solid; width: 19%; border-right: Black 1pt solid; border-bottom: Black 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></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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; white-space: nowrap; border-bottom: Black 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; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding: 1.4pt 4.25pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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 at the beginning of fiscal year</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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>
  </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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; width: 59%; 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="border-right: Black 1pt solid; white-space: nowrap; width: 22%; border-bottom: Black 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; white-space: nowrap; width: 19%; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 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: 11pt Avantt; margin: 0; text-align: left; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt/150% Avantt; color: #00348D; 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="font: 10pt/150% Avantt; color: #00348D; 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="border-top: Black 1pt solid; width: 29%; 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>12/31/2024<BR>
Part I/II</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; 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="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; 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="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 10%; 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: 1%; text-underline-color: black; text-align: justify; line-height: 150%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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">13,00</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">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">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">13,00</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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">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>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">12/01/2015</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="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">12/01/2020</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>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">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>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">679.917</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">350.671</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">418.848</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">12/01/2025</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="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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">18,64</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>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">0,52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,52</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">0,67</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">0,64</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">0,64</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">0,94</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,87</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">243.361</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">168.980</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">140.889</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">298.234</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">433.083</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">329.006</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">782.264</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>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; width: 28%; 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>12/31/2024<BR>
Part II/II</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; width: 10%; 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="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD ROWSPAN="2" STYLE="border-top: Black 1pt solid; width: 10%; 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="border-top: Black 1pt solid; width: 10%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="width: 1%; text-underline-color: black; text-align: justify; line-height: 150%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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">13,00</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">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">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">13,00</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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">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">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">7</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">12/01/2017</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">02/22/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/03/2018</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-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>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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>
    <TD>&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="border-right: Black 1pt solid; vertical-align: top; width: 29%; 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; width: 10%; border-bottom: Black 1pt solid; padding-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="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">02/22/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/03/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/03/2023</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; border-bottom: Black 1pt solid; padding-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; width: 10%; border-bottom: Black 1pt solid; padding-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; width: 10%; border-bottom: Black 1pt solid; padding-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="width: 1%; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">882.994</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">229.367</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">799.033</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">816.247</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">12/01/2027</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">02/22/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/03/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12/03/2028</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-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>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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">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">22,4</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">16,92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">16,92</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-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>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">1,87</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1,71</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,02</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,02</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">2,02</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>
    <TD STYLE="padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; 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">1.649.128</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">392.993</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">1.615.454</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">1.650.257</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">702.188</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>
    <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>

<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="font: 10pt/150% Avantt; color: #00348D; 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>Exercised options related to the share-based compensation
- Fiscal Year ended 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="border: Black 1pt solid; width: 56%; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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">13,00</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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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; 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="border: Black 1pt solid; width: 56%; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border: Black 1pt solid; width: 56%; padding-top: 2.85pt; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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 0 12pt; text-align: justify; color: #00348D">&nbsp;</P>


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<P STYLE="font: 10pt/150% Avantt; color: #00348D; 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 (2025)</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; width: 56%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 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="border-right: Black 1pt solid; vertical-align: top; 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">0,0163%</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: 10pt; color: #00348D">0,1635%</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 12/31/2024 as a basis.</I></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>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 12/31/2024</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border: Black 1pt solid; width: 56%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 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="border-right: Black 1pt solid; vertical-align: top; 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">0,0180%</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">0,1384%</FONT></TD></TR>
  </TABLE>
<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: 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="border: Black 1pt solid; width: 56%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border: Black 1pt solid; width: 56%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 22%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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">&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 (2025)</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; width: 54%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory 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="border-right: Black 1pt solid; vertical-align: top; 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">03/01/2025</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/15/2025</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">03/01/2025</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/15/2025</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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D">328.564</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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D">10.804.275</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">03/01/2028</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">15/12/2030</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">03/01/2028</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">15/12/2028</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>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">
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">03/01/2028</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/15/2030</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">03/01/2028</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/15/2028</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">11,74</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">11,74</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: 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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D">3.857.339</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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D">126.842.190</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 2024. In addition, the shares fair value considers the market value
of the Company&rsquo;s shares in 12/31/2024.</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 12/31/2024</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border: Black 1pt solid; width: 54%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory 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="border-right: Black 1pt solid; vertical-align: top; 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">12/02/2024</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">12/02/2024</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">355.832</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">5.407.449</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">12/02/2027</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/02/2029</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">12/02/2027</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/02/2029</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 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">03/01/2027</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/02/2027</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/02/2029</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">12/02/2027</P>
    <P STYLE="font: 9pt Avantt; margin: 0; text-align: center; color: #00348D">12/02/2029</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">12,68</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">13,11</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">4.512.521</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">70.596.330</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 12/31/2023</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border: Black 1pt solid; width: 54%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory 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="border-right: Black 1pt solid; vertical-align: top; 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>
  </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="border: Black 1pt solid; width: 54%; 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-top: Black 1pt solid; width: 24%; 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-top: Black 1pt solid; width: 22%; 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="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border: Black 1pt solid; width: 54%; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 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="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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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: 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: 12/31/2024</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Yu Mincho; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border: Black 1pt solid; width: 54%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 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>13,00</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="border-right: Black 1pt solid; vertical-align: top; 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>13,00</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">151.392</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">1.766.896</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">18,64</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">17,50</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">12,72</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">13,17</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">(897.510)</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">(7.639.222)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">* The weighted average acquisition price was calculated
based on the grant value divided by the number of Restricted Shares delivered by the Company under the Share Plan</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>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="border: Black 1pt solid; width: 54%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 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="border-right: Black 1pt solid; vertical-align: top; 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: 8pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">* The weighted average acquisition price was calculated
based on the grant value divided by the number of Restricted Shares delivered by the Company under the Share Plan</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>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="border: Black 1pt solid; width: 54%; padding: 2.85pt 5.4pt; text-underline-color: black; text-align: center">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 24%; 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="border-top: Black 1pt solid; width: 22%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 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="border-right: Black 1pt solid; vertical-align: top; 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>0,00</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>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: 8pt Avantt; margin: 0 0 12pt; text-align: justify; color: #00348D">* The weighted average acquisition price was calculated
based on the grant value divided by the number of Restricted Shares delivered by the Company under the Share Plan</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"><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="border: Black 1pt solid; white-space: nowrap; width: 61%; 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="border-top: Black 1pt solid; white-space: nowrap; width: 39%; 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="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #00348D">Pricing Model</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: top; 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 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"></P>


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<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; 12/31/2024</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="border: Black 1pt solid; width: 40%; padding-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="border-top: Black 1pt solid; width: 16%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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 Restricted Shares</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 13%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 14%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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">11.460.036</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">3.115.623</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">3.412.294</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">17.987.953</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">Statutory 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">4.760.522</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">23.837.653</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">5.463.829</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">34.062.004</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>16.220.558</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>26.953.276</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>8.876.123</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>52.049.957</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="border-bottom: Black 1pt solid; white-space: nowrap; 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; 12/31/2024</B></FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; vertical-align: bottom; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; white-space: nowrap; 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="border-right: Black 1pt solid; white-space: nowrap; width: 40%; 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="border-right: Black 1pt solid; white-space: nowrap; width: 16%; border-bottom: Black 1pt solid; padding-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="border-right: Black 1pt solid; white-space: nowrap; width: 17%; border-bottom: Black 1pt solid; padding-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 Restricted Shares</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; width: 13%; border-bottom: Black 1pt solid; padding-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="border-right: Black 1pt solid; white-space: nowrap; width: 14%; border-bottom: Black 1pt solid; padding-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; white-space: nowrap; 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; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">460.693</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">5.584.584</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">12.074.326</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18.119.603</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; 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">Statutory Board of Officers </FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">18.820</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">917.759</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">3.277.397</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">4.213.976</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; white-space: nowrap; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 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; white-space: nowrap; padding-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; white-space: nowrap; padding-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; white-space: nowrap; padding-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; white-space: nowrap; padding-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-right: Black 1pt solid; white-space: nowrap; 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="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>479.513</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>6.502.343</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>15.351.723</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>22.333.579</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="border: Black 1pt solid; width: 36%; 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="border-top: Black 1pt solid; width: 32%; 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="border-top: Black 1pt solid; width: 32%; 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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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">13,00</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">13,00</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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">6,00</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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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$ 30.972.269</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$ 9.820.068</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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$ 2.246.473</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$ 1.537.973</FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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: 9pt/107% Avantt; margin: 0 0 8pt; text-align: left; color: #00348D"><B>Data relating to the members who held the respective
positions on December 31, 2024.</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>Statutory 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="border-right: Black 1pt solid; width: 9%; 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="border-right: Black 1pt solid; width: 11%; 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>12/31/2024</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; 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>12/31/2023</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; 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>12/31/2022</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; 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>12/31/2024</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; 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>12/31/2023</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; 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>12/31/2022</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; 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>12/31/2024</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; 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>31/12/2023</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 10%; 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>31/12/2022</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">13,00</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">13,50</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: Times New Roman, Times, Serif; font-size: 7pt; color: black">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">13,00</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">13,50</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">7,00</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">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">42.274.451</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">13.111.146</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">491.302</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></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">5.724.674</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">883.208</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">245.651</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></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">10.521.149</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">2.802.648</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">368.476</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></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>Statutory Board of Officers</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; width: 11%; 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">12/31/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 89%; 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>
  <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">12/31/2023</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 (13,50 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>
  </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="border-right: Black 1pt solid; width: 11%; 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">12/31/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 89%; 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 (7,00 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>

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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="border: Black 1pt solid; width: 11%; 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="border-top: Black 1pt solid; width: 89%; 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 (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>
  <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: justify"><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 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>
  </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="border-right: Black 1pt solid; width: 11%; 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">12/31/2024</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; width: 89%; 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">12/31/2023</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">12/31/2022</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>
  </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/150% Avantt; color: #00348D; 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, 2024 to November 18, 2025,
with premium value of approximately US$ 68,000.00, for the coverage of losses and damages to third parties, for acts related to the exercise
of functions and attributions of the administrators, during and after their respective mandates, up to the amount of US$ 15 million.</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="font: 10pt/150% Avantt; color: #00348D; 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>

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  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" 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, 2025</B></FONT></TD>
    <TD 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="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; 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 who are related parties</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 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 of the Body</B></FONT></TD>
    <TD COLSPAN="3" 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="border-top: Black 1pt solid; 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 Directors</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; 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">6,00</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">-</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="text-decoration: underline double; font-family: Avantt; font-size: 8pt; color: #00348D">23.928.712</FONT></TD>
    <TD COLSPAN="3" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="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">-</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">-</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="text-decoration: underline double; font-family: Avantt; font-size: 8pt; color: #00348D">2.455.546</FONT></TD>
    <TD COLSPAN="3" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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">Statutory Board of Officers</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">-</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">-</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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D">225.619.847</FONT></TD>
    <TD COLSPAN="3" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-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="border-right: Black 1pt solid; border-bottom: 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"><B>6,00</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>-</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="text-decoration: underline double; font-family: Avantt; font-size: 9pt; color: #00348D"><B>252.004.105</B></FONT></TD>
    <TD COLSPAN="3" 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 COLSPAN="2" 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>December 31, 2024</B></FONT></TD>
    <TD 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="3" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; 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 who are related parties</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 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 of the Body</B></FONT></TD>
    <TD COLSPAN="3" 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="border-top: Black 1pt solid; 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 Directors</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; 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">6,00</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">-</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">19.618.533</FONT></TD>
    <TD COLSPAN="3" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="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">-</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">-</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">2.210.859</FONT></TD>
    <TD COLSPAN="3" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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">Statutory Board of Officers</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">-</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">-</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">136.774.933</FONT></TD>
    <TD COLSPAN="3" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-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="border-right: Black 1pt solid; border-bottom: 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"><B>6,00</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>-</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>158.604.325</B></FONT></TD>
    <TD COLSPAN="3" 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 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 COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; 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 who are related parties</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 of the 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>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; 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 Directors</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">6,00</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; 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">-</FONT></TD>
    <TD COLSPAN="2" 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">18.764.227</FONT></TD>
    <TD COLSPAN="2" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="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">-</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">-</FONT></TD>
    <TD COLSPAN="2" 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">2.128.919</FONT></TD>
    <TD COLSPAN="2" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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">Statutory Board of Officers</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">-</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">-</FONT></TD>
    <TD COLSPAN="2" 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">114.208.575</FONT></TD>
    <TD COLSPAN="2" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-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="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>6,00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: 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"><B>-</B></FONT></TD>
    <TD COLSPAN="2" 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>135.101.720</B></FONT></TD>
    <TD COLSPAN="2" 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 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 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 COLSPAN="2" STYLE="white-space: nowrap; padding-right: 3.5pt; padding-left: 3.5pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #D9E2F3">
    <TD STYLE="border-top: Black 1pt solid; white-space: nowrap; 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 who are related parties</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 of the 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>%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-top: Black 1pt solid; 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 Directors</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">4,00</FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; 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">-</FONT></TD>
    <TD COLSPAN="2" 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">22.844.255</FONT></TD>
    <TD COLSPAN="2" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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="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">-</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">-</FONT></TD>
    <TD COLSPAN="2" 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">1.996.508</FONT></TD>
    <TD COLSPAN="2" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; 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">Statutory Board of Officers</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">-</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">-</FONT></TD>
    <TD COLSPAN="2" 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">95.335.200</FONT></TD>
    <TD COLSPAN="2" 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="border-right: Black 1pt solid; white-space: nowrap; vertical-align: bottom; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-right: 3.5pt; padding-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="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>4,00</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: 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"><B>-</B></FONT></TD>
    <TD COLSPAN="2" 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>120.175.963</B></FONT></TD>
    <TD COLSPAN="2" 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>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; 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; 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; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; 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; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="text-underline-color: black; text-align: justify; line-height: 150%">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</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="font: 10pt/150% Avantt; color: #00348D; 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, nor forecast for the current fiscal year, as compensation for members of the Board of Directors, Executive
Board or the Supervisory Board other than the positions they hold, 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 own positions.</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/150% Avantt; color: #00348D; 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="font: 10pt Avantt; color: #00348D; 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 (2025)*</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; vertical-align: bottom; width: 28%; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 19%; 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="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 19%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-right: Black 1pt solid; vertical-align: top; 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; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">580.245.785</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">33.046.672</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>613.292.457</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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="border-right: Black 1pt solid; vertical-align: top; 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 12/31/2024.</P>

<P STYLE="font: 9pt Avantt; margin: 0; text-align: justify; color: #00348D">&nbsp;</P>

<P STYLE="font: 10pt Avantt; margin: 0; text-align: left; color: #00348D"><B>Fiscal Year ended December 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="border: Black 1pt solid; vertical-align: bottom; width: 28%; padding-right: 3.5pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 19%; 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="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 17%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-top: Black 1pt solid; width: 19%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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="border-right: Black 1pt solid; vertical-align: top; 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-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: center"><FONT STYLE="font-family: Avantt; font-size: 9pt; color: #00348D">554.727.944</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">68.412.216</FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding-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>623.140,161</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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>-</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-right: Black 1pt solid; vertical-align: top; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding-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>-</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, 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="border: Black 1pt solid; vertical-align: bottom; width: 28%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 19%; 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="border-top: Black 1pt solid; width: 17%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; 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="border-top: Black 1pt solid; width: 19%; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border: Black 1pt solid; vertical-align: bottom; width: 28%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; text-underline-color: black; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; width: 19%; 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="border-top: Black 1pt solid; width: 17%; 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>Statutory Board of Officers</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; width: 17%; 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="border-top: Black 1pt solid; width: 19%; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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="border-right: Black 1pt solid; vertical-align: top; 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: 11pt Yu Mincho; margin: 0; text-align: left"></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="font: 10pt/150% Avantt; color: #00348D; 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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<TYPE>EX-99.5
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<FILENAME>ex99-5.htm
<DESCRIPTION>EX-99.5
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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="font: 10pt/14pt Avantt; color: #00348D; margin: 0; text-align: center"><I>(as article 12 of CVM Resolution 81/22)</I></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; color: #00348D; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt"><I>1.</I></FONT></TD>
    <TD STYLE="text-decoration: underline; 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="border: black 1pt solid; width: 34%; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/14pt Avantt; color: #00348D; margin: 0; text-align: center"><B>CURRENT</B></P>
    <P STYLE="font: 10pt/14pt Avantt; color: #00348D; margin: 0; text-align: center"><B>ARTICLES OF THE BYLAWS</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; width: 33%; border-right: black 1pt solid; border-bottom: black 1pt solid; padding-right: 5.4pt; padding-left: 5.4pt">
    <P STYLE="font: 10pt/14pt Avantt; color: #00348D; margin: 0; text-align: center"><B>PROPOSED CHANGES</B></P>
    <P STYLE="font: 10pt/14pt Avantt; color: #00348D; margin: 0; text-align: center"><B>(WITH MARKS)</B></P></TD>
    <TD STYLE="border-top: black 1pt solid; width: 33%; 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$&nbsp;58.177.928.601, 85,&nbsp;divided into 15.753.833.284 a&ccedil;&otilde;es registered common shares, without par value.</FONT></TD>
    <TD STYLE="border-right: black 1pt solid; border-bottom: black 1pt solid; font: 12pt/14pt Arial, Helvetica, Sans-Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt"><B>Article 5 &ndash;</B> The capital stock is of <FONT STYLE="color: red"><STRIKE>R$&nbsp;58.130.517.165,22 </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">R$&nbsp;58.275.086.270,41, </FONT>divided into <FONT STYLE="color: red"><STRIKE>15.750.216.851</STRIKE></FONT> <FONT STYLE="text-decoration: underline double; color: #0066FF">15.761.638.756</FONT></FONT><FONT STYLE="font-family: Avantt; font-size: 10pt; color: #0066FF">&nbsp;</FONT><FONT STYLE="font-family: Avantt; font-size: 10pt">registered 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>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt"><I>2.</I></FONT></TD>
    <TD STYLE="text-decoration: underline; 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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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 manufacturing and sale of packages for beverages, as well as the manufacturing, sale and industrial use of raw material necessary for the manufacturing of such packages, as well as the production, trading, rental, maintenance and repair of appliances, machinery, utensils and equipment;&nbsp;</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">f)</FONT></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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">g)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">h)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">i)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">j)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">k)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">l)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">m)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">n)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">o)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">p)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">q)</FONT></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/14pt Avantt; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 18pt">&nbsp;</TD>
    <TD STYLE="width: 4.5pt">r)</TD>
    <TD STYLE="text-align: justify">the creation, development, licensing, exploitation, commercialization, including leasing of computerized systems (software), 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>

<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>

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<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;58.177.928.601,&nbsp;85
</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">58.275.086.270,41</FONT>, divided into <FONT STYLE="color: red"><STRIKE>15.753.833.284</STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">15.761.638.756</FONT><FONT STYLE="color: #0066FF">&nbsp;</FONT>
registered 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">&nbsp;</P>

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    <!-- Field: /Page --><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>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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>
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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 --><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">f)</FONT></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>
<P STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">g)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><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></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 0.25in">&nbsp;</TD>
    <TD STYLE="width: 0.25in"><FONT STYLE="font-family: Avantt; font-size: 10pt">h)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">he/she must not have founded the Company nor 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>

<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>

<!-- Field: Page; Sequence: 96 -->
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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>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>

<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">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Avantt; font-size: 10pt">elect and dismiss the Company's Officers, and set their attributions;</FONT></TD></TR>
  </TABLE>
<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">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">f)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">g)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">h)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><FONT STYLE="font-family: Avantt; font-size: 10pt">appoint the Company's independent auditors;</FONT></TD></TR>
  </TABLE>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">i)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">j)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">k)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">l)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">m)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">n)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">o)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">p)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">q)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">r)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">s)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">t)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">u)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">v)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">w)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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>
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  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">x)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">y)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 15pt; text-align: right"><FONT STYLE="font-family: Avantt; font-size: 10pt">z)</FONT></TD>
    <TD STYLE="width: 5pt">&nbsp;</TD>
    <TD><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 and Compliance Vice President Officer, (x) one shall be the Beyond Beer Vice President Officer, (xi) one shall be the Information
Technology Vice President Officer and (xii) 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>

<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>

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<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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 21.3pt; text-align: justify">b) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;exercise the
other prerogatives conferred upon it by the Board of Directors.</P>

<P STYLE="font: 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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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 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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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>

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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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">d)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">e)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">f)</FONT></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 and Compliance 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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">implement, manage and operationalize the Company&rsquo;s compliance program, ensuring compliance, effectiveness and continuous improvement; </FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/16pt Avantt; margin: 0 0 0 0.5in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0 0 0 22.5pt; text-align: justify">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;investigate any
allegations of violations to the Company&rsquo;s compliance program; and</P>

<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/14pt Avantt; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 22.5pt">&nbsp;</TD>
    <TD STYLE="width: 18pt">e)</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="font: 10pt/14pt Avantt; margin: 0 0 0 0.45pt; text-align: justify; text-indent: -0.45pt"><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</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 Beyond Beer Vice President Officer&rsquo;s
responsibility to:</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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    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-family: Avantt; font-size: 10pt">coordinate and supervise the beverage sectors other than beer, i.e. involving other alcoholic and non-alcoholic drinks, and establish their 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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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 34 &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/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 21.3pt">&nbsp;</TD>
    <TD STYLE="width: 21.25pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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 35 &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 36 &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">&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 37 &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>

<!-- Field: Page; Sequence: 102 -->
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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">&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 38 &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 39 &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 40 &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>

<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 41 &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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35.45pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 35.45pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">a)</FONT></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>
<!-- Field: Page; Sequence: 103 -->
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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">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 12pt/14pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">b)</FONT></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: 0; margin-bottom: 0; width: 100%">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 28.35pt">&nbsp;</TD>
    <TD STYLE="width: 18pt"><FONT STYLE="font-family: Avantt; font-size: 10pt">c)</FONT></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 42 &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>

<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 43 &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 44 &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 45 &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>

<!-- Field: Page; Sequence: 104 -->
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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 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: 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="text-decoration: underline double; color: #0066FF">29 </FONT><FONT STYLE="color: red"><STRIKE>30</STRIKE></FONT>,
<FONT STYLE="color: red"><STRIKE>2024 </STRIKE></FONT><FONT STYLE="text-decoration: underline double; color: #0066FF">2025</FONT>.</I></P>

<P STYLE="font: 10pt/14pt Avantt; margin: 0; text-align: center"><I>***</I></P>



<P STYLE="font: 9pt 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">&nbsp;</P>


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