<SEC-DOCUMENT>0001292814-21-000929.txt : 20210315
<SEC-HEADER>0001292814-21-000929.hdr.sgml : 20210315
<ACCEPTANCE-DATETIME>20210315135318
ACCESSION NUMBER:		0001292814-21-000929
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210331
FILED AS OF DATE:		20210315
DATE AS OF CHANGE:		20210315

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TELEFONICA BRASIL S.A.
		CENTRAL INDEX KEY:			0001066119
		STANDARD INDUSTRIAL CLASSIFICATION:	TELEPHONE COMMUNICATIONS (NO RADIO TELEPHONE) [4813]
		IRS NUMBER:				000000000

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14475
		FILM NUMBER:		21740973

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA ENGENHEIRO LUIS CARLOS BERRINI,
		STREET 2:		1376, CIDADE MONCOES
		CITY:			SAO PAULO-SP
		STATE:			D5
		ZIP:			04571-936
		BUSINESS PHONE:		55 11 3430-3687

	MAIL ADDRESS:	
		STREET 1:		AVENIDA ENGENHEIRO LUIS CARLOS BERRINI,
		STREET 2:		1376, CIDADE MONCOES
		CITY:			SAO PAULO-SP
		STATE:			D5
		ZIP:			04571-936

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELESP HOLDING CO
		DATE OF NAME CHANGE:	20051028

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TELESP PARTICIPACOES SA
		DATE OF NAME CHANGE:	19980716
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>vivdfp2020_6k.htm
<DESCRIPTION>VIVDFP2020_6K
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 16pt" face="Times New Roman">UNITED STATES<BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 16pt" face="Times New Roman">SECURITIES AND EXCHANGE COMMISSION<BR></FONT></B><B><FONT lang=PT-BR style="FONT-SIZE: 16pt" face="Times New Roman">Washington, D.C. 20549<BR></FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 18pt" face="Times New Roman">FORM 6-K</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" face="Times New Roman">REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">For the month of March, 2021</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Commission File Number: 001-14475</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="Times New Roman"><B><FONT lang=EN-CA style="FONT-SIZE: 20pt">TELEF&#212;NICA BRASIL S.A. <BR></FONT></B></FONT><FONT face="Times New Roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt">(Exact name of registrant as specified in its charter) </FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="Times New Roman"><B><FONT lang=PT-BR style="FONT-SIZE: 20pt">TELEFONICA BRAZIL S.A.</FONT></B></FONT><FONT face="Times New Roman"><FONT lang=PT-BR style="FONT-SIZE: 20pt">&nbsp;&nbsp;<BR></FONT></FONT><FONT face="Times New Roman"><B><FONT lang=EN-US style="FONT-SIZE: 10pt">(Translation of registrant&#8217;s name into English)</FONT></B></FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT face="Times New Roman"><FONT face="Times New Roman"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt">Av. Eng&#176; Lu&#237;s Carlos Berrini, 1376 -&nbsp; 28&#186; andar<BR></FONT></B></FONT></FONT><FONT face="Times New Roman"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt">S&#227;o Paulo, S.P. <BR></FONT></B></FONT><FONT face="Times New Roman"><B><FONT lang=EN-US style="FONT-SIZE: 12pt">Federative Republic of Brazil<BR></FONT></B></FONT><FONT face="Times New Roman"><FONT lang=EN-US style="FONT-SIZE: 10pt">(Address of principal executive office)</FONT></FONT></P>

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<FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;</FONT><FONT lang=PT-BR><BR clear=all></FONT>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Form 20-F</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">X</FONT></P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Form 40-F</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" vAlign=top width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): </FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Yes </FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></DIV></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">No</FONT></P></TD>

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   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0cm; TEXT-ALIGN: center; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; MARGIN: 0cm 0cm 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0cm" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">X&nbsp; </FONT></P></DIV></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0cm 0cm 0pt" align=justify><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): </FONT></P></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Yes </FONT></P></TD>

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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>1.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Message from Management</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">The year 2020 was marked by the social and
economic impact and uncertainties caused as a result of the Covid-19 pandemic. We would like to express how much we sympathize
with the families of our employees, customers, suppliers and society in general, who have lost loved ones. Since social isolation
started, we have dedicated ourselves to adapting and reinventing our business in the midst of an extremely dynamic scenario.&nbsp;The
pandemic has accelerated the digital transformation of people and businesses, increasing the essentiality of our services. We connect
doctors and patients, parents and children, teachers and students, artists and their audience, and many other groups. Our purpose
of <B>Digitalizing to Bring Closer</B> has never been so appropriate.&nbsp;</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">Even during such a challenging year, we boosted
shared value and the positive transformation of society through constant evolution of the ESG criteria (Environmental, Social and
Corporate Governance) applied to the company's business strategy, with full transparency. We debated issues that are relevant to
society and built an even more inclusive and diverse company. All this was based on four strategic pillars: <B><I>TemVivoPraTudo
</I></B>(there is Vivo for everything)<I>, <B>TemTudoNaVivo </B></I>(Vivo has everything)<I>, <B>DNAVivo </B></I>(Vivo DNA) and
<B><I>VivoSustent&aacute;vel </I></B>(Vivo Sustainable).</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">During the year, we invested heavily in the
infrastructure Brazil needs to be increasingly digital, with a focus on 4.5G and fiber (we had substantial growth in this front).
We connected hundreds of thousands of new customers to ultra high speed internet, who saw Vivo as their biggest ally during this
period. Our connectivity expanded even more. We set a record for fiber expansion and took the technology to about 100 new cities,
covering an estimated 5 million more households and businesses.&nbsp;We ended the year with 15.7 million households and 3.4 million
Vivo Fibra customers. In mobile operations, we increased our market leadership with a 33.6% share - the largest in the last 14
years - we had growth in the prepaid segment and maintained our strong leadership in the postpaid segment. In the quest to always
offer unique services, we launched 5G DSS (Dynamic Spectrum Sharing). This means that <B><I>TemVivoPraTudo</I></B> (there is Vivo
for everything) &ndash; our first strategic pillar.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">In 2020, we went far beyond telecommunications
and strengthened our presence as a technology company with new partnerships and services. We launched a marketplace with digital
products, smart bulbs and smart refrigerators. We started the Vivo Money personal credit service<FONT STYLE="color: #000001; background-color: white">,
where hybrid and postpaid customers can contract from R$1,000 to R$30,000, 100% digitally, with competitive interest rates. </FONT>And
with Vivo Selfie, we present the possibility of creating a plan the way that each person wants and with the most beloved brands
in the market. Everything that people needed, they could find in our virtual or physical stores. That is because <B><I>TemTudoNaVivo</I></B>
(Vivo has everything) &ndash; our second pillar. We partnered up with startups, through Wayra, and with companies in the areas
of health care and education. We also created the customer ID, which is a digitization index, so Vivo can offer the best connectivity,
cloud, cybersecurity or internet of things solution to companies.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">These innovations came about easily and
reliably - with <B><I>DNAVivo</I></B> (Vivo DNA), our third strategic pillar, which sets us apart from the others and shows our
strength as a leading company. Our field team did not stop once in 2020, not even during the most critical moments. The stores
quickly adapted to the pandemic and began assisting customers through the app and drive-thru, using the <I>Vivo em Casa</I> (Vivo
at home) model. The call center, with about ten thousand employees, smoothly transitioned to remote work and the response was
positive, from both employees and customers. We had an increase in customer service satisfaction, especially in the digital relationship:
seven out of ten customers now choose Meu Vivo as their main customer service channel. And our Artificial Intelligence, Aura,
has continued to grow.&nbsp;</P>


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<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify"><B>DNAVivo </B>(Vivo DNA) also shows &ldquo;who
we are&rdquo; and we have been increasingly showing appreciation towards - and even attracting - professionals from different fields
and backgrounds. Creating a digital service hub, for example, is only possible if we have diverse talent. We address the theme
of diversity based on four pillars: Gender, Race, LGBT+ and People with Disabilities (PwD), with initiatives according to the demands
of each group, which gives everyone a chance to shine within the company. With this in mind, we created a subcommittee for each
one, led by the officers in charge to provide support and accelerate the initiatives. Each pillar has an affinity group, where
employees who identify with the theme can debate and suggest new actions. Currently, 42% of our workforce is composed of women
and they represent 25% of management and 33% of intermediate leadership. We have increased the number of black professionals hired
and in the last edition of the Trainee Program, 43% of the openings were filled by black professionals.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">Sustainability and ethics in business have
become priorities for consumers, and we were already on the right track. Last year, we were one of the top 10 companies in the
new Sustainability index, S&amp;P/B3 Brasil ESG, which brings together companies with high performance in environmental, social,
and governance criteria. <FONT STYLE="color: #000001; background-color: white">For the 9th time in a row</FONT><FONT STYLE="background-color: white">,
<FONT STYLE="color: #000001">we were part of the Corporate Sustainability Index (ISE B3) portfolio. The index shows the companies
that stood out the most for their sustainable activities and aims to help investors make decisions. In addition, we are the company
with the best position in Latin America in the Dow Jones Sustainability Index (DJSI) ranking, which recognizes the best sustainable
practices of the companies listed in the stock exchange. These are </FONT></FONT>references that prove sustainability is at the
center of Vivo&acute;s strategy and is driven by <B><I>VivoSustent&aacute;vel</I></B> (Sustainable Vivo), our last pillar.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">We were the first telecom company to use
100% renewable energy. We adopted the distributed generation model, using solar, water and biogas sources to supply over 28,000
of the company's low-voltage units, such as stores, towers, antennas, telecommunications equipment and offices. We expanded <I>Recicle
com a Vivo</I> (Recycle with Vivo) and increased the collection and recycling of electronic equipment by 15% at all the company's
stores and resellers.&nbsp;</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">The Telef&ocirc;nica Vivo Foundation (FTV)
allocated an extraordinary R$36.6 million to public hospitals, contributing to the purchase of supplies and equipment for ICUs
and feeding 60,000 families living in extreme poverty. In the social sphere, the <FONT STYLE="color: #000001; background-color: white"><I>Escolas
Conectadas</I> project, developed by FTV, which encourages online </FONT>learning for educators, won the UNESCO-Hamdan Bin Rashid
Al-Maktoum Award for Outstanding Practice and Performance in Enhancing the Effectiveness of Teachers. Thus, Vivo is going far beyond
connectivity, with a strong brand that is recognized nationally. We are the 8th most valuable brand in Brazil.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">During the most critical period of the pandemic,
with the economy showing signs of weakening, we made advance payments of around R$2 billion to hundreds of suppliers that operated
in critical segments and required greater liquidity.</P>


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<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">In the governance scope, we approved the
conversion of preferred shares into common shares, ensuring the extension of rights to all our shareholders, mainly by extending
voting rights and granting tag along rights, in line with the highest levels of corporate governance in the market. We are one
of the <FONT STYLE="background-color: white">highest dividend-paying stocks on the stock exchange, with a dividend yield of 7.0%
in 2020, more than three times higher than the the local interest rate.</FONT> And with our efficiency initiatives and optimization
in the allocation of investments, we were able to combine growth in segments of higher shareholder return with a solid cash generation
of R$9.6 billion for the year.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">In 2020, we learned a lot by experiencing
an unprecedented reality of isolation and we will use this insight in 2021 with new services that digitize and bring people and
companies closer together. But we don't think that the world will be solely virtual, and we have two major parallel paths to follow.
The first is to evolve the infrastructure that makes digitization possible, providing access to those who still don't have it -
work on long-term groundwork. Fiber will be the driving force for growth. With the independent unit for building and offering a
neutral fiber network, we are going to expand into cities outside the state of S&atilde;o Paulo. Adding to the company's organic
acceleration, Vivo will leap from 15.7 million to over 24 million households covered by the end of 2024. In cities where the technology
does not reach, we will be able to introduce Terra Fiber, our ultra high speed broadband franchise project, which will continue
the expansion. The second is to act with even more speed to expand our performance as a technology company. The relationship we
have with our customers and their trust in our brand are important attributes, which make us the ideal partner to expand our digital
services hub.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">We also have important decisions coming up
throughout this year, such as the auction of 5G technology and consolidation of the sector after the purchase of Oi's mobile business,
which depends on approval from <I>Conselho Administrativo de Defesa Econ&ocirc;mica </I>(Cade) (Brazilian Antitrust Authority)
and <I>Ag&ecirc;ncia Nacional de Telecomunica&ccedil;&otilde;es</I> (National Telecommunications Agency) (Anatel).</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">I appreciate the trust our shareholders and
suppliers have in us, and, most of all, the dedication of all employees and partners, with a special thanks to our field team,
who worked tirelessly to maintain and provide the best connection in customers' homes during such a challenging 2020. Our purpose
of <B>Digitalizing to Bring Closer</B> will once again guide our business towards digitizing the country. I am very proud of what
we have built and I am looking forward to continuing to connect people, things, companies and society as a whole.</P>

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

<P STYLE="font: 10pt/200% Segoe UI,sans-serif; margin: 0 0 5pt"><B>Christian Mauad Gebara</B></P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt"><U>CEO of Telef&ocirc;nica Brasil</U></P>

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

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

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

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


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #2593B5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>2.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Macroeconomic Environment</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The year 2020 was marked by the Covid-19 pandemic.
The social distancing measures led to a sharp drop in the consumption of goods and services, with negative impacts on economic
activity. As a result, GDP - Gross Domestic Product fell 9.6% QoQ in the second quarter in seasonally adjusted terms.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">To mitigate the effects of the crises, the government
adopted monetary and fiscal measures. On the monetary side, <I>Banco Central</I> (Central Bank) reduced the basic interest rate
and announced measures to provide liquidity to the system. On the fiscal side, the Government granted financial aid to families,
companies and regional governments, in addition to increasing health care expenditures.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The economic measures, along with easing isolation
measures, enabled a significant rebound in GDP in the third quarter, with a growth of 7.7% QoQ in seasonally adjusted terms. Still,
GDP remained about 4% below pre-crisis levels. The GDP is estimated to have fallen by 4.3% in 2020, according to market expectations
collected by the Focus survey carried out by <I>Banco Central</I> (Central Bank).</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Consumer inflation behaved mildly throughout 2020,
due to the deflationary effects of the recession taking precedence over the effects of depreciation of the exchange rate. Inflation
measured by IPCA was at 4.5% by the end of 2020, above the goal (4.0% with a 1.5% interval upwards or downwards).</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In an environment of economic recession, controlled
inflation and inflation expectations anchored to the goals, <I>Banco Central</I> (Central Bank) reduced the local interest rate
(Selic) from 4.5% to 2.0%.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">On the fiscal side, the trade-off for providing
aid was deterioration of the public accounts. The pandemic caused the government to declare a state of public calamity, enabling
increased spending and non-compliance with fiscal goals in 2020. The measures adopted had a fiscal impact of 8.4% of GDP. As a
consequence, the nominal deficit reached 13.7% of GDP in 2020, compared to 5.8% in 2019, and gross public debt rose from 74% of
GDP in 2019 to 89.3% of GDP in 2020. Additionally, since the priority in 2020 was to adopt measures to combat the effects of the
pandemic, the structural reform agenda became stagnant.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Against a backdrop of heightened global risk aversion
and worsening domestic fundamentals, the Brazil risk premium rose from 214 base points at the end of 2019 to 260 base points at
the end of 2020, according to JP Morgan's EMBI index. The exchange rate of the Brazilian real against the US dollar depreciated
by 28.9% from R$4.03 at the end of 2019 to R$5.20 at the end of 2020.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">For 2021, economic activity is expected to continue
to recover as a result of the Covid-19 vaccination program. GDP growth is estimated at 3.5%, according to the Focus survey. On
the fiscal side, the government should continue with the fiscal adjustment and reform agenda, while on the monetary side, <I>Banco
Central</I> (Central Bank) should begin to withdraw part of the stimulus.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #2593B5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>3.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Business Strategy</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In 2020, Telef&ocirc;nica Brasil continued
with the strategy of expanding the fiber optic network in the country to deliver high-quality, high speed broadband, especially
at this time when connectivity has proven to be more than essential. We have further developed the value proposition with speeds
of up to 300 Mbps and integrated offers with leading services in the entertainment market, such as Netflix and Disney+. Vivo Fibra
experienced record growth in 2020 in net additions. We also continue to accelerate in IPTV, innovating in products and supplementing
Vivo Fibra&acute;s value proposition.&nbsp;</P>


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

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In the Postpaid segment, the Company continues
to lead the market with a 37.7% share, thanks to its strong positioning in the Vivo Postpaid Family category, which has evolved
to deliver more benefits to customers, including increased allowances and international roaming for Vivo Travel customers and in
innovation, with the launch of Selfie plans, created in partnership with some of the most popular brands in the market, such as
Spotify, Netflix, Rappi, Telecine and Premiere. The Selfie plans offer, in addition to increased allowances for individual use,
a subscription to the services.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In addition, the company leveraged growth
in the postpaid segment by the convergence of customers, offering benefits, such as discounts and allowance bonuses, for customers
with Vivo broadband. Thus, the Company was able to increase the volume of sales of postpaid plans.&nbsp;</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: white">In the Hybrid plans,
we maintained the prepaid-hydrid migration strategy, taking advantage of the strong growth in the prepaid base to boost base upselling
actions, focusing on monetization. Maintaining our bet on digital transformation, we continue investing in Vivo Easy, a plan that
is customized by the customer on the app.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: white">The Prepaid segment
recorded significantly better results, supported by the expansion of the offer portfolio with new weekly and fortnightly options.
These launches give customers more choice and maximize the profitability of the base. In addition, Vivo expanded its Giga Chip
offer to Retail channels, with double the amount of internet for 6 months, unlimited WhatsApp and 15 days free of charge, which
leads us to acquiring higher quality customers with these sales points. We continue to accelerate segmented performance, using
algorithms and machine learning to understand key moments in the customer's relationship with Vivo and provide a more personalized
experience.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: white">In line with the
trend of delivering an increasingly personalized experience to customers, Vivo's relationship program, Vivo Valoriza, has reached
record usage volumes, with over 2.5 million monthly accesses and over 250 registered partners, who offer their products to all
the different profiles of Vivo customers in a segmented manner.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify; background-color: white">Finally, to expand
our performance in financial services, we started the Vivo Money personal credit service. The service is available for hybrid and
postpaid customers that can contract from R$1,000 to R$30,000, 100% digitally, with competitive interest rates, starting at 1.99%
per month, and with payment periods between six and 24 months.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">The B2B segment was largely impacted by the
Covid-19 pandemic, especially in the Small and Medium Business segment. The high closure rate of these companies has directly affected
sales and default levels in the segment. In large companies, the scenario was also decisive for investment reductions in some sectors,
which resulted in lower sales. However, new business opportunities in this new scenario helped reduce the negative impacts caused
by the crisis.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">As a plan to recover the segment, we carried
out actions in all B2B business lines. For mobile business, we launched offers with better data amounts, organized work teams focused
on meeting our customers' urgent remote work demands and customized offers for segments highly affected by the crisis, building
loyalty with our customer base.</P>


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<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">For Fibra's business, the strategy of totalizing
our B2B customers, in which we consolidated our presence with mobile and fixed-line product customers, was essential for the loyalty
of our base and ensured the lowest churn rate in history. In addition, the Company's strong investment to expand the coverage of
Vivo Fibra, providing a greater number of companies with high speed, made it possible to expand the strategy of totalizing services
and recovering sales in the segment.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">In Corporate IT, we were able to grow in
all business lines, with some key products standing out. In cloud, we consolidated our partnerships in the sector, achieving significant
growth in revenue, leveraged by SaaS and some special projects with major customers. In security and Data Center, growth was over
15%, reinforcing our position as a technology partner in our customers' digital transformation journey.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt 0.5in; text-align: justify; color: #2593B5">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #2593B5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>4.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Infrastructure</B></FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Segoe UI,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.1.</B></TD><TD STYLE="text-align: justify"><B>Network</B></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Since 2013, the Company has been consolidating
a robust network capable of fulfilling customers&rsquo; expectations. We have been able to make progress on migration from Time
Division Multiplex (TDM) to Next Generation Networks (NGN), reaching 80.9% of migrated landline traffic, while modernizing central
offices and adapting the data center infrastructure.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">By the end of 2020, the Company's mobile network
covered 4,695 municipalities, this represents 84.3% of all Brazilian municipalities, or 96.7% of the population.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">We are continuing to expand the 4G coverage, ending
the year with 3,598 municipalities covered by the 4G (LTE) network in Brazil.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The nationwide expansion of the LTE Advanced Pro
(or 4.5G) network was an important milestone for the Company. This technology allows customers with compatible handsets to achieve
even higher transmission rates than those of traditional 4G. In 2020, we finally managed to roll out this technology in 1,872 municipalities.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The roll out of broadband achieved total coverage
of 24.5 million homes passed in 2020, of which 11.4 million in the state of S&atilde;o Paulo and 13.1 million in other Brazilian
states, with speeds of up to 300Mbps. We reached 15.7 million homes passed in fiber optic technology (FTTH), an increase of 4.7
million homes passed over the previous year.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Our fiber optic product portfolio includes a high-definition
IPTV service (HDTV). In addition to IPTV, the Company&rsquo;s portfolio of advanced products for corporate customers includes GPON
fiber optic.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Segoe UI,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.2.Sales</B></TD><TD STYLE="text-align: justify"><B>Channels </B></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Telef&ocirc;nica Brasil&rsquo;s commercial structure
ended 2020 with approximately 1,640 thousand points of sale, including its own and those managed by authorized resellers, and approximately
11,500 thousand points of sale in retail outlets, in addition to remote channels such as telephone and online sales. The capillarity
strategy focused on efficiency and operational excellence, combined with acceleration in the channel digitalization process, has
enabled us to intelligently allocate resources and maintain our leadership in the Brazilian telecommunications market, dominating
the high-end segment.</P>


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<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">At our stores, with the adversities imposed by
closing points of sale and in sync with our purpose of 'Digitalizing to Bring Closer', we accelerated the digitalization process
of in-person channels, implementing <I>Vivo em Casa</I> (Vivo at home), where our store team began providing our customers with
customer and sales services on WhatsApp.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In 2020, the <I>Porta a Porta</I> (door to door)
channel strengthened its operations after a transformation that began in 2019, expanding its sales force and focusing on quality
and high value. The channel was very significant for Fiber sales with the launch of new features. And, because of the atypical
nature of 2020, especially at the height of the pandemic, the channel was positioned with the important role of reaching the customer,
respecting all health rules and maintaining a presence throughout the country, representing 40% of fiber sales in the B2C segment.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The Distribution channel, which comprises newsstands,
drugstores, bakeries and other small, medium and large retailers, currently accounts for 90% of prepaid captures and 75% of recharges.
Amidst so many difficulties throughout the year, the channel's share in taking over as leader of the prepaid market share stands
out. This is a reflection of the continuous stimulus to commercial and operational efficiency, improving micro capillarity management
tools, performance of the sales force, and the supply of over 360 thousand points of sale in real time that enable an end-to-end
view of the chain.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In Retail, we changed and standardized all the
contractual models of the retail chains to a more sustainable model, with better quality sales and higher profitability.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Telesales remained focused on expanding the base
with quality, seeking new customers and migrating current customers to plans more suited to the consumption profile. The pandemic
resulted in the need to increase the distance between call center operators, thus displacing a large part of these professionals
(up to 70% of the operators at the peak of the pandemic) to remote work. Even with all these difficulties, Telesales was one of
the channels that remained fully functional, making an average of 421,000 sales per month. There were 3.3 million additions to
the Control portfolio and 372 thousand Fiber sales. The channel relies on artificial intelligence, connecting customers to the
most appropriate operator. This match helps to better map out business arguments and generated more than 38 thousand additional
sales.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">We also continued with the Digital Sales Acceleration
project, which has already benefited e-commerce results, mainly in the volume of B2C mobile and fiber sales, up 95% in the year.
Finally, partnerships with other fintechs in Digital Recharge brought higher revenue (+25%) and decreased unit costs, resulting
in lower sales commissions.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Meu Vivo, the Company&rsquo;s main self-service
channel, strengthened its digital service strategy and contributed to the positive performance of the digital channels, with a
49% growth in recharges made through this channel.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In July 2020, we launched Loja Vivo, our marketplace
platform, which elevates the &quot;<I>Tem Tudo na Vivo</I>&quot; (Vivo has everything) concept and reinforces the company as a
hub for technology-related products and services. The Loja Vivo platform is divided into four categories: smart home, TV and audio,
smartphones and computers. This initiative is one more step towards being a one stop shop, in other words, offering the digital
needs of customers all in one place. Through the marketplace, we have expanded the assortment of electronic products that we offer
to our customers. We started offering products such as televisions, washing machines, refrigerators, microwaves, electronic scooters,
video games, air conditioning, beauty and health items among others.&nbsp;</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Segoe UI,sans-serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.3.Customer</B></TD><TD STYLE="text-align: justify"><B>Service</B></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">With the need for physical distancing, our purpose
of 'Digitalizing to Bring Closer' has gained even more relevance.</P>


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<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">There were countless challenges, and care for our
people started internally: in just 15 days, in March, we moved several areas of the company so that Customer Service Operations
could work remotely full-time, with total security.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Our team showed the importance of synergy for an
amazing result, based on the Vivo DNA Program - which permeates the Company&acute;s daily routine in a reliable, easy, pleasant
and efficient relationship. From March to October 2020, about 50% of calls were handled by representatives working remotely.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">We continue to lead Brazil's digital transformation,
working hard to encourage the use of digital channels for self-service. The results of this work was shown during the pandemic:
there was a 24% reduction in telephone contacts and a significant increase in customer service through digital channels. In 2020,
there were over 270 million interactions of Aura, Vivo's AI. The number of unique Meu Vivo app users grew by 17% and, by October,
service through WhatsApp surpassed the 130 million interaction mark.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">We ended 2020 with the certainty that we have the
best resources - human and technological - to face the challenges of physical distancing together. These results prove our constant
efforts to improve the customer&acute;s experience, a cycle we follow from start to finish.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 8.25pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #2593B5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>5.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Human Resources</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Focused on transformations to support the business
in its growth plan, the Vice President of People followed up with four strategic challenges: promote a high-performance culture;
attract and retain the best talents; drive efficient management with a focus on processes, management and systems; and improve
employee satisfaction and make employees proud to work at Vivo.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In light of this challenge, we have evolved the
way we work and deliver results and reinforced the adoption of assertive and innovative management methods such as management by
OKRs (Objectives and Key Results) and Design Thinking in planning and delivering strategic challenges.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In response to the Covid-19 pandemic, we implemented
prevention practices and care for everyone's health and well-being, maintaining the relationship of trust between employees and
customers. We temporarily extended remote work for the administrative teams to 5 days a week and implemented remote work for the
Service team.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Committed to seeking the best alternatives for
the employees and for the future of the business, the company joined the &quot;No Firing&quot; movement, an initiative to keep
jobs, minimizing the economic and social impacts caused by the pandemic. The company also adopted Law 14.020/20, an Emergency Program
to Maintain Employment and Income created by the Federal Government and approved in a collective agreement negotiated with the
Federal States that represent the unions. The measure allowed working hours and salaries to be reduced proportionally and/or employment
contracts to be temporarily suspended, during the state of public calamity, of the administrative and store staff.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The <I>Vivo Diversidade</I> (Vivo Diversity) program
accelerated the construction of an open culture, valuing different points of view, backgrounds, identities and characteristics.
The #<I>QuemViveSabe</I> (those affected by it know) campaign was launched with the annual diversity day, with monthly debates
on themes from the LGBTI+, racial-ethnic, people with disabilities and gender pillars. This campaign generated advancements such
as extending parental leave to 30 days, joining the Coalition to End Violence Against Women and Girls and handling internal cases,
the trainee program with 43% of the openings being filled with black professionals and the increase in the number of transgender
professionals and people with disabilities hired. In addition, the company was recognized among the most diverse in the country
by the magazine <I>Guia Exame Diversidade</I> and as a Diversity highlight in CNN Notables 2020 award.</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Even in a challenging scenario, the <I>Vivo Reconhece</I>
2020 (recognition) program was carried out, valuing the teams that produced innovative and relevant deliveries, aligned with our
purpose of Digitalizing to Bring Closer. There were 404 projects registered and about 3,200 participants.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">At the end of the year, the company had 32,759
employees, of whom 4,532 were hired during the year with a 100% digital integration model. In addition, 2,213 professionals were
promoted and 1,470 were included in the salary increase process, which adds up to 3,045 professionals who received an increase
in compensation, in addition to the legal adjustments applied.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Throughout the year, about R$33.7 million was invested
in education, based on digital platforms that allowed training activities to be maintained during the pandemic.&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #2593B5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>6.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>ESG &ndash; Environmental, Social
and Corporate Governance</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Applying sustainability in our strategy allows
us to identify opportunities offered by new technologies to create value for society and effectively managing the impacts that
are inherent in our activities, making our business increasingly responsible. In this context, the Telef&oacute;nica Group has
a Global Responsible Business Plan (NRP), which establishes medium and long-term initiatives and goals for the entire Company.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">We are signatories to and actively participate
in relevant initiatives that contribute to sustainable development, such as the Global Compact and the Sustainable Development
Goals (SDGs) of the United Nations (UN).</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In 2020, Telef&ocirc;nica Brasil was included in
the main national and international sustainability rankings. The Company was included in the portfolio of B3&rsquo;s Corporate
Sustainability Index (ISE) for the ninth consecutive year and in Vigeo&nbsp;Eiris&rsquo; Best Emerging Markets Performers Ranking&nbsp;for
the sixth consecutive year<FONT STYLE="color: #555555">. </FONT>The Company is also included in the portfolio of S&amp;P/B3 Brasil
ESG, B3&rsquo;s new sustainability index in partnership with S&amp;P; is the best-ranked telecom company in the Dow Jones Sustainability
Index in Latin America; was ranked sixth in leadership in sustainability by ALAS20; and is included in the &ldquo;A List&rdquo;
of the Carbon&nbsp;Disclosure&nbsp;Project&nbsp;(CDP).</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Standing out in the environmental context, Telef&ocirc;nica
Brasil boosted the &ldquo;<I>Recicle com a Vivo</I>&rdquo; (Recycle with Vivo) program, inviting customers and society as a whole
to reflect on appropriate electronic waste disposal. It also expanded the distributed generation project and obtained ISO 50001
certification for the Energy Management System of its main administrative building in S&atilde;o Paulo.</P>

<P STYLE="font: 10pt/115% Segoe UI,sans-serif; margin: 0 0 10pt; text-align: justify">On the social front, the Telef&ocirc;nica
Vivo Foundation is responsible for Telef&ocirc;nica Brasil&rsquo;s social projects, developing projects in education and volunteer
work. The Foundation has been working in Brazil for 22 years; in 2020, it invested R$59.4 million, benefitting around 2.4 million
people. In response to the pandemic, it invested an additional R$36.6 million in donations of inputs, hospital equipment and ventilators
in several states, benefitting public hospitals from all over the country, as well as food donations to socially vulnerable families,
totaling R$96 million. The <I>Escolas Conectadas </I>platform for online teacher training, was recognized with the 'UNESCO-Hamdan
Bin Rashid Al-Maktoum&quot; Award for Best Practices and Performance in Improving Teacher Effectiveness; in six editions of the
award, it was the first time a Brazilian project was included among the winners.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The fundamental principles of corporate governance
at Telef&ocirc;nica Brasil S.A. are set forth in its Bylaws and in the internal rules and regulations that supplement the concepts
contained in the law and standards governing the securities market. The purpose of these principles, which guide the activities
of the Company&rsquo;s management, can be summarized as follows:</P>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt; text-align: justify"></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Maximizing the Company&rsquo;s
value;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Transparency in the Company&rsquo;s
accounts and disclosure of material information of interest to the market and in relations with shareholders, employees, investors,
customers and public agencies; </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Equal treatment of shareholders;</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Engagement of the Board of Directors
in the supervision and management of the Company, in rendering accounts to the shareholders and with regard to Corporate Responsibility,
ensuring perpetuity of the organization.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Inspired by these concepts and with the purpose
of improving its corporate governance, the Company converted preferred shares into common shares on November 23, 2020. Unification
of the share classes ensures more rights and protection for all shareholders, who have voting and have been granted tag along rights,
in line with the highest levels of corporate governance currently in the market.</P>

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Independent Auditors</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In compliance with CVM Instruction 381, of January
14, 2003, and Circular Letter CVM/SNC/SEP 01/2007, of February 14, 2007, the Company and its subsidiaries state that the Company&rsquo;s
policy regarding its independent auditors and their services not related to the independent audit is based on principles that preserve
the independence of the auditors. These principles are based on the fact that auditors should not audit their own work, exercise
managerial functions, advocate on behalf of their customer or provide any other services that are deemed to be prohibited by prevailing
standards, thereby maintaining independence of the work performed by audit service providers.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In 2020, no services other than the independent
audit were contracted with the independent auditors, PriceWaterhouseCoopers Auditores Independentes.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #2593B5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>7.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Operating and Financial Performance</B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: justify">At the end of 2020, the Company totaled 78,532 thousand
mobile accesses, confirming its leadership position with a 33.6% market share. The postpaid customer base totaled 44,870 thousand
accesses in 2020, a 4% growth YoY. Over the same period, the prepaid customer base grew by 7% YoY.</P>

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In the fixed line business, the Company ended 2020
with 16,519 thousand revenue generating units, a decline of 13.3% from the previous year, mainly on account of the maturity of
fixed voice service and copper broadband.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Broadband</B> - 6,276 thousand customers registered
at the end of 2020, down 9.1% YoY. Fiber optic accesses (FTTH) registered 3,378 thousand customers, moving up 36.3%, representing
54% of all broadband accesses.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Lines in Service</B> - totaled 8,995 thousand
customers in 2020, a 16.8% decrease YoY, mainly due to the maturity of the fixed voice service and the fixed-to-mobile substitution.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Pay-TV</B> - totaled 1,248 thousand customers
in 2020, a 5.5% reduction YoY, reflecting the Company&rsquo;s selectivity and focus on high-end customers and the strategic decision
to stop selling DTH services. IPTV totaled 891 thousand users, an annual growth of 24.7%.</P>


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<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">As a result, the Company ended 2020 with 95,051
thousand customers, growth of 1.5% YoY, mainly due to an increase in mobile prepaid and hybrid customer access.</P>

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Net Operating Revenue</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In 2020, the Company posted consolidated net operating
revenue of R$43,126.5 million, down 2.6% YoY (R$ 44,268.2 million in 2019). Lower revenues from fixed voice, copper broadband,
pay TV, and equipment sales contributed to this reduction. These negative effects were partially offset by growth in fiber optic
broadband (FTTH) and IPTV revenues.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Operating Costs </B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Operating costs and expenses, excluding depreciation
and amortization, totaled R$25,318.1 million in 2020, down 3.1% YoY (R$26,134.5 million), while inflation for the period was 4.5%
(IPCA). The cost reduction is explained by the intense process of digitalization and automation promoted by the Company, which
showed growth in the use of digital channels in the sales of products, services, recharges, payments, growing use of e-billing
and reduction of calls at the call center. In addition, we had a lower cost of goods sold due to reduced equipment sales as a result
of the pandemic.</P>

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>EBITDA</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">EBITDA totaled R$17,808.4 million in 2020, a 1.8%
decrease YoY (R$18,133.7 million in 2019). The EBITDA margin hit 41.3% in 2020, a 0.3 p.p. increase compared to 2019. The efficiency
and digitalization measures adopted by the company contributed to this increase in the EBITDA margin.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #002060">
    <TD STYLE="vertical-align: bottom; width: 69%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 9pt; color: White"><I>In
    millions of reais &ndash; Consolidated</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: center"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt; color: White"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 3%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: center"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 14%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: center"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt; color: White"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Operating income before financial income and expenses and equity pick-up (*)</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">6,580.9</FONT></TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">7,213.9</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Depreciation and amortization expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;In service costs</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">8,865.9</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">8,624.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;In selling expenses</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">1,495.2</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">1,501.1</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">&nbsp;&nbsp;&nbsp;In general and administrative expenses</FONT></TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">866.4</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">794.5</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>EBITDA</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>17,808.4</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>18,133.7</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-left: 5.4pt">
        <P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt">&nbsp;</P></TD>
    <TD STYLE="vertical-align: top;  padding-left: 5.4pt; line-height: normal; text-align: right"></TD>
    <TD STYLE="vertical-align: top;  padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top;  padding-left: 5.4pt; line-height: normal; text-align: right"></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">EBITDA margin</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 6pt; padding-left: 29.2pt; line-height: normal; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">EBITDA</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>17,808.4</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>18,133.7</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-bottom: 6pt; padding-left: 29.2pt; line-height: normal; text-align: justify; text-indent: -17.85pt"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">b)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Net operating revenue (*)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>43,126.5</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>44,268.2</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">a) / b)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">41.3%</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">41.0%</FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Segoe UI,sans-serif; margin: 0">(*) See income statements.</P>

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



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<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Net Results</B></P>
<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The consolidated result for the year, in accordance
with the requirements of Brazilian Corporate Law, shows net income of R$4,770.5 million in 2020 (R$5,001.0 million in 2019), a
decrease of 4.6% YoY. Telef&ocirc;nica Brasil's net margin in 2020 was 11.1% (11.3% in 2019).</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #002060">
    <TD STYLE="vertical-align: bottom; width: 45%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 9pt; color: White"><I>In
    millions of reais</I></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 26%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: center"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt; color: White"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: top; width: 2%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: center"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 27%; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: center"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt; color: White"><B>2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">a) Net income for the year (*)</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">4,770.5</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">5,001.0</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">b) Net operating revenue (*)</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">43,126.5</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1.5pt double; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">44,268.2</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: bottom; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>a) / b)</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>11.1%</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-bottom: 6pt; padding-left: 5.4pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>11.3%</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 7pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">(*) See income statements.</P>

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Investments</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In 2020, the Company invested R$7,789.0 million,
11.9% lower than in 2019 (R$8,844.3 million).</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In 2020, we continued to expand our fiber optic
services (FTTH) in an additional 102 cities and building roughly 4.7 million new homes passed. As a result, Telef&ocirc;nica Brasil
provides FTTH services in 266 cities with 15.7 million homes passed in the country.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In 2020, we invested heavily in the maintenance
and expansion of mobile internet and voice services and consolidated the roll out of 4G, achieving the impressive mark of 3,598
municipalities. In addition, we have improved signal quality in a number of regions and invested significant resources in maintenance
actions (both proactive and reactive).</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Telef&ocirc;nica Brasil also invested in integrating
the systems of its landline and mobile business, as well as improving its business support infrastructure (systems, points of sale
and service). In 2020, we continued to invest in improving, expanding and integrating operating systems, especially the ongoing
transformation of the billing environment and the Big Data projects, which will provide support for the roll out of new products
and services, focusing primarily on the customer experience.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #002060">
    <TD STYLE="vertical-align: top; width: 63%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 9pt; color: White"><I>In
    millions of reais &ndash; Consolidated</I></FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: center"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt; color: White"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: center"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: center"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt; color: White"><B>2019</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Network</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">6,328</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">7,274</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Technology / Information Systems</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">1,154</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">1,185</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Products and Services, Channels, Administrative and Others</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">307</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">386</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>INVESTMENTS | EX- LICENSES<SUP>1</SUP> AND IFRS 16</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>7,789</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>8,844</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">IFRS 16 | Leasing</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">4,461</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">1,804</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>TOTAL BALANCE | IFRS 16</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>12,250</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>10,648</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 6.5pt Segoe UI,sans-serif; margin: 0 0 6pt">1- Does not include the amount related to the license renewal in the
amount of R$184.3 million.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Debt</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The Company ended 2020 with gross debt of R$13,244.8
million (R$13,808.7 million in 2019), equivalent to 19.0% of shareholders&rsquo; equity (19.6% in 2019). The funds raised are fully
denominated in local currency,</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="background-color: #002060">
    <TD STYLE="vertical-align: top; width: 63%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 9pt; color: White"><I>In
    millions of reais &ndash; Consolidated</I></FONT></TD>
    <TD STYLE="vertical-align: top; width: 7%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 16%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: center"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt; color: White"><B>2020</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: center"><FONT STYLE="color: White">&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 13%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: center"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt; color: White"><B>2019</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Loans and Financing </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">(375.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">(1,045.1)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Debentures </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">(2,044.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">(3,104.4)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Leases</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">(10,818.8)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">(9,191.2)</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;<IMG SRC="vivdfp20206k_001.jpg" ALT=""></TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 63%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">GVT Contingent Consideration</FONT></TD>
    <TD STYLE="width: 7%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="width: 16%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">0</FONT></TD>
    <TD STYLE="width: 1%; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: Black 1pt solid; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">(484.0)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Total debt</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>(13,239.2)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>(13,824.7)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Derivative transactions </FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">(5.6)</FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">16.0</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Debt after derivatives</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: justify">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>(13,244.8)</B></FONT></TD>
    <TD STYLE="padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1.5pt double; padding-right: 3.5pt; padding-bottom: 6pt; padding-left: 3.5pt; line-height: normal; text-align: right"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>(13,808.7)</B></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify"><B>Capital Market</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The Company&rsquo;s common (VIVT3) shares closed
the year 2020 at R$46.50, down 19.8% from the closing price at the end of 2019. The daily trading volume averaged R$129.4 million.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">ADRs (VIV), traded on the NYSE, ended the year
at US$8.87, down 38.1% YoY. The daily trading volume of ADRs averaged US$16.8 million.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Reaffirming the Company&rsquo;s commitment to maximizing
returns to shareholders, we maintained high payouts to shareholders, as outlined below:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Proposed<SUP>2</SUP> dividends and interest on equity totaled
<B>R$5.4 billion</B> in 2020;</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 6pt 0.5in; text-align: justify; text-indent: -0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Proposed<SUP>2</SUP> <B>Dividend yield of 7.0%<SUP>3</SUP></B>
in 2020<FONT STYLE="background-color: white">, more than three times higher than the local interest rate.</FONT></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&#183;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt">Proposed<SUP>2</SUP> <B>Dividend
Payout of 113.6%.</B></FONT></TD></TR></TABLE>

<P STYLE="font: 6.5pt/115% Segoe UI,sans-serif; margin: 0">2-Includes the proposed dividend to be ratified at the Annual Shareholders'
Meeting to be held on April 15, 2021.</P>

<P STYLE="font: 6.5pt/115% Segoe UI,sans-serif; margin: 0 0 10pt">3-Considers the amounts deliberated to the preferred shares until
the unification of share classes held on November 23<SUP>rd</SUP>, 2020.</P>

<P STYLE="font: 6.5pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 6pt; color: #2593B5"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>8.</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Segoe UI,sans-serif; font-size: 10pt"><B>Outlook </B></FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Consumption patterns in Brazil were strengthened
by the pandemic and social isolation: customers demand not only better connections and higher traffic speeds, but also bundles
of relevant digital services that provide an increasingly personalized experience. In addition, brand reputation, ASG incentive
promotions, data security and privacy concerns are becoming increasingly important in customer choice, supported by the new General
Data Protection Regulation (LGPD).</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">Thus, we intend to continue investing efficiently
in modern infrastructure for the mobile and fixed segments, supported by partnerships and alternative expansion models, aiming
to expand our 4.5G, 5G and FTTH footprints and reinforce our reputation as the best network in Brazil. In addition, Meu Vivo and
Aura will continue to be important for providing advantages through a simplified and personalized experience. Vivo is also rapidly
moving beyond telecommunication services to become a reference for its customers in digital services. These initiatives are the
most effective way to meet our customers' needs and, in addition, enable us to take advantage of short and long-term opportunities,
such as the increasing digitalization of Brazilian companies and the innovative 5G wave.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In the macroeconomic environment, Brazil presents
a positive outlook for consumption and should continue recovering from Covid-19 impacts in 2021. The government plans to resume
significant political and economic reforms in 2021, such as tax and administrative reforms. A pro-market approach also impacts
the regulatory environment, for example, with migration from the concession model to the authorization model and the evolution
towards self-regulation. Such measures contribute to the recovery of the telecommunications sector. We also have the expectation
of 5G spectrum auction to take place during the year, in addition to the evolution in the acquisition process of Oi group's mobile
assets.</P>


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<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">On the revenue side, the offer of bundled services
and the exponential consumption of data and digital connectivity services will continue to be essential for growth. In addition,
the competitive environment should become more conducive to mergers and acquisitions and focused on offering digital products and
services, combined with high quality and a better customer experience, which will require more investments in newer and more efficient
technologies, such as FTTH, 4.5G and 5G.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">In this context, Telef&ocirc;nica Brasil is well
structured to maintain leadership in the Brazilian telecommunications market and continue serving its 95 million users in the fixed
and mobile businesses. And Vivo&acute;s strategic pillars #<I>temvivopratudo</I> (there is Vivo for everything), #<I>temtudonavivo</I>
(Vivo has everything), #DNAvivosomos (We have Vivo DNA), and #<I>vivosustentabilidade</I> (Vivo sustainability) will enable it
to fulfill its purpose of Digitalizing to Bring Closer.</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Christian Mauad Gebara</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Chief Executive Officer</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>David Melcon Sanchez-Friera</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Chief Financial and Investor Relations Officer</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Breno Rodrigo Pacheco de Oliveira</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">General-Secretary and Legal Officer</P>

<P STYLE="font: 9.5pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 9.5pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Carlos Cesar Mazur</B></P>

<P STYLE="font: 9.5pt Segoe UI,sans-serif; margin: 0; text-align: center">Accountant &ndash; CRC &ndash; 1PR-028067<BR STYLE="clear: both">
</P>


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<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center"><B>OPINION OF THE AUDIT AND CONTROL COMMITTEE</B></P>

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

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: justify">The members of the Audit and Control Committee
of Telef&ocirc;nica Brasil S.A. (&ldquo;<U>Company</U>&rdquo; or &ldquo;<U>Telef&ocirc;nica Brasil</U>&rdquo;), in the exercise
of their duties and legal responsibilities, have examined and analyzed the Company&rsquo;s Financial Statements, together with
the Independent Auditors&rsquo; Report and the Annual Management Report for the year ended December 31, 2020 (&ldquo;<U>2020 Annual
Financial Statements</U>&rdquo;), as well as the Proposed Allocation of Net Income for 2020, and, taking into account the information
provided by Telef&ocirc;nica Brasil&rsquo;s Executive Board and the independent auditors, PriceWaterhouseCoopers Auditores Independentes,
vote unanimously in favor of the aforesaid documents. Accordingly, they recommend their approval by Telef&ocirc;nica Brasil&rsquo;s
Board of Directors and their submission to the Annual Shareholders&rsquo; Meeting, under the terms of Brazilian Corporate Law.</P>

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

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

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">S&atilde;o Paulo, February 19, 2021.</P>

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

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

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

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center"><B>Jos&eacute; Mar&iacute;a Del Rey Osorio</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">Chairman of the Audit and Control Committee</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center"><B>Julio Esteban Linares Lopez</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">Member of the Audit and Control Committee</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center"><B>Juan Carlos Ros Brugueras</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0 0 6pt; text-align: center">Member of the Audit and Control Committee</P>

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

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


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    <!-- Field: /Page -->

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>OPINION OF THE BOARD OF DIRECTORS</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: justify">The members of the Board of Directors of Telef&ocirc;nica
Brasil S.A. (&ldquo;<U>Company</U>&rdquo; or &ldquo;<U>Telef&ocirc;nica Brasil</U>&rdquo;), in the exercise of their duties and
legal responsibilities, as set forth in Brazilian Corporate Law and in the company&rsquo;s Bylaws, have examined and analyzed the
Company&rsquo;s Financial Statements, together with the Independent Auditors&rsquo; Report and the Annual Management&rsquo;s Report
for the year ended December 31, 2020 (&ldquo;<U>2020 Annual Financial Statements</U>&rdquo;), as well as the Proposed Allocation
of Net Income for 2020, and, taking into account the information provided by Telef&ocirc;nica Brasil&rsquo;s Executive Board and
the independent auditors, PriceWaterhouseCoopers Auditores Independentes, and the favorable opinion of the Fiscal Council members
and the members of the Audit and Control Committee, vote unanimously in favor of the aforesaid documents. Accordingly, they determine
that the aforesaid documents be submitted for approval by the Annual Shareholders&rsquo; Meeting, under the terms of Brazilian
Corporate Law.</P>

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

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">S&atilde;o Paulo, February 19, 2021.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Segoe UI,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Eduardo Navarro de Carvalho</B></P>
</TD>
    <TD STYLE="width: 50%"><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Luiz Fernando Furlan</B></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Chairman of the Board of Directors</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Julio Esteban Linares Lopez</B></P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Francisco Javier de Paz Mancho</B></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">(represented by Eduardo Navarro de</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">(represented by Eduardo Navarro de</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Carvalho by delegation of vote)</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Carvalho by delegation of vote)</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Ana Theresa Masetti Borsari</B></P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Christian Mauad Gebara</B></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">(represented by Eduardo Navarro de</P>
</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Carvalho by delegation of vote)</P>
</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Antonio Carlos Valente da Silva</B></P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Sonia Julia Sulzbeck Villalobos</B></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Jos&eacute; Mar&iacute;a Del Rey Osorio</B></P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Claudia Maria Costin</B></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Juan Carlos Ros Brugueras </B></P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Narc&iacute;s Serra Serra</B></P>
</TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Member of the Board of Directors</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-indent: 0.75in; text-align: justify">Member of the Board of Directors</P>
</TD></TR>
</TABLE>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"></P>

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

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>


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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>OPINION OF THE FISCAL COUNCIL</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: justify">The members of the Fiscal Council of Telef&ocirc;nica
Brasil S.A. (&ldquo;<U>Company</U>&rdquo; or &ldquo;<U>Telef&ocirc;nica Brasil</U>&rdquo;), in the exercise of their duties and
legal responsibilities, as provided for in article 163 of Brazilian Corporate Law, have examined and analyzed the Company&rsquo;s
Financial Statements, together with the Independent Auditors&rsquo; Report and the Annual Management Report for the year ended
December 31, 2020 (&ldquo;<U>2020 Annual Financial Statements</U>&rdquo;), as well as the Proposed Allocation of Net Income for
2020, and, taking into account the information provided by Telef&ocirc;nica Brasil&rsquo;s Executive Board and the independent
auditors, PriceWaterhouseCoopers Auditores Independentes, vote unanimously in favor of the aforesaid documents. Accordingly, they
determine that the aforesaid documents be submitted to the Annual Shareholders&rsquo; Meeting, under the terms of Brazilian Corporate
Law.</P>

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

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

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

<P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">S&atilde;o Paulo, February 19, 2021.</P>

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 10pt Segoe UI,sans-serif; width: 100%">
<TR STYLE="vertical-align: top; text-align: left">
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Gabriela Soares Pedercini</B></P>
</TD>
    <TD STYLE="width: 34%"><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Crem&ecirc;nio Medola Netto</B></P></TD>
    <TD STYLE="width: 33%"><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center"><B>Charles Edwards Allen</B></P></TD></TR>
<TR STYLE="vertical-align: top; text-align: left">
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Full member of the Fiscal Council</P>
</TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Full member of the Fiscal Council</P></TD>
    <TD><P STYLE="font: 10pt Segoe UI,sans-serif; margin: 0; text-align: center">Full member of the Fiscal Council</P></TD></TR>
</TABLE>

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

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

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

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">Telef&ocirc;nica Brasil S.A.</P>

<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt; text-align: center">Consolidated Financial Statements</P>

<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt; text-align: center">On December 31, 2020 and 2019 and for
the years ended December 31, 2020, 2019 and 2018.</P>

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

<P STYLE="font: bold 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">TABLE OF CONTENTS</P>

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<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 6pt; text-align: right"><FONT STYLE="font-variant: small-caps"><U>Page</U></FONT></P>



<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; padding-left: 0in">Report of Independent Registered Public Accounting Firm</TD><TD STYLE="width: 10%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; font-size: 10pt; text-align: right">19</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 0.25in">Consolidated Balance Sheets</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">23</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 0.25in">Consolidated Statements of Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">25</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 0.25in">Consolidated Statements of Other Comprehensive Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">26</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 0.25in">Consolidated Statements of Changes in Equity</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">27</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9pt; padding-left: 0.25in">Consolidated Statements of Cash Flows</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">28</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-left: 0in">Notes to Consolidated Financial Statements</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">30</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-transform: uppercase; text-align: center">Report
of Independent Registered Public Accounting Firm</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">To the Board of Directors and Shareholders</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Telef&ocirc;nica Brasil S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Opinions on the financial statements and internal control
over financial reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We have audited the accompanying consolidated
balance sheets of Telef&ocirc;nica Brasil S.A. and its subsidiaries (the &ldquo;Company&rdquo;) as of December 31, 2020 and December
31, 2019, and the related consolidated statements of income, other comprehensive income, changes in equity and cash flows for each
of the three years in the period ended December 31, 2020, including the related notes (collectively referred to as the &ldquo;consolidated
financial statements&rdquo;). We also have audited the Company's internal control over financial reporting as of December 31, 2020,
based on criteria established in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations
of the Treadway Commission (COSO).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In our opinion, the consolidated financial
statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31,
2020 and December 31, 2019, and the results of its operations and its cash flows for each of the three years in the period ended
December 31, 2020 in conformity with International Financial Reporting Standards as issued by the International Accounting Standards
Board. Also, in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting
as of December 31, 2020, based on criteria established in Internal Control - Integrated Framework (2013) issued by the COSO.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Change in accounting principle</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As discussed in Note 12 to the consolidated
financial statements, the Company changed the manner in which it accounts for leases in 2019.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Basis for opinions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company's management is responsible
for these consolidated financial statements, for maintaining effective internal control over financial reporting, and for its assessment
of the effectiveness of internal control over financial reporting, included in item 15 &ndash; Controls and Procedures &ndash;
Management&acute;s Annual Report on Internal Control over Financial Reporting. Our responsibility is to express opinions on the
Company&rsquo;s consolidated financial statements and on the Company's internal control over financial reporting based on our audits.
We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required
to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and
regulations of the Securities and Exchange Commission and the PCAOB.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We conducted our audits in accordance
with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about
whether the consolidated financial statements are free of material misstatement, whether due to error or fraud, and whether effective
internal control over financial reporting was maintained in all material respects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Our audits of the consolidated financial
statements included performing procedures to assess the risks of material misstatement of the consolidated financial statements,
whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a
test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating
the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of
the consolidated financial statements. Our audit of internal control over financial reporting included obtaining an understanding
of internal control over financial reporting, assessing the risk that a material weakness exists, and testing and evaluating the
design and operating effectiveness of internal control based on the assessed risk. Our audits also included performing such other
procedures as we considered necessary in the circumstances. We believe that our audits provide a reasonable basis for our opinions.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Definition and limitations of internal control over
financial reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A company's internal control over financial
reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation
of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal
control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in
reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable
assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally
accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations
of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Because of its inherent limitations,
internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness
to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree
of compliance with the policies or procedures may deteriorate.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Critical audit matters</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The critical audit matters communicated
below are matters arising from the current period audit of the consolidated financial statements that were communicated or required
to be communicated to the audit committee and that (i) relate to accounts or disclosures that are material to the consolidated
financial statements and (ii) involved our especially challenging, subjective, or complex judgments. The communication of critical
audit matters does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not,
by communicating the critical audit matters below, providing separate opinions on the critical audit matters or on the accounts
or disclosures to which they relate.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Provisions for tax and regulatory contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As described in Notes 7(g) and 19 to
the consolidated financial statements, the Company has recorded provision for tax and regulatory contingencies of R$ 1,895,504
thousand and R$ 1,207,331, respectively, as of December 31, 2020. The Company recognizes provision in the consolidated financial
statements for the resolution of pending litigation when the Company has a present obligation as a result of a past event and management
determines that a loss is probable, and the amount of the loss can be reasonably estimated. No liability for an estimated loss
is accrued in the consolidated financial statements for unfavorable outcomes when, after assessing the information available, (i)
management concludes that it is not probable that a loss has been incurred in any of the pending litigation; or (ii) management
is unable to estimate the loss of the pending matters. In case of income tax pending litigations, management determines whether
is probable or not that taxation authority will accept the uncertain tax treatment. If the Company concludes it is not probable
that taxation authority will accept the uncertain tax treatment, a provision for income tax is recognized. In Notes 7(g) and 19,
the Company also discloses the contingency in circumstances where management concludes (i) no loss is probable or reasonably estimable,
but it is reasonably possible that a loss may be incurred or, (ii) in case of income tax pending litigations, is probable that
the taxation authority will accept the uncertain tax treatment.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The principal considerations for our
determination that performing procedures relating to tax and regulatory contingencies is a critical audit matter are there was
significant judgment by management when assessing the likelihood of a loss being incurred and when determining whether a reasonable
estimate of the loss and possible outcomes for each claim can be made, which in turn led to a high degree of auditor judgment,
effort, and subjectivity in evaluating management&acute;s assessment of the loss contingencies associated with litigations claims.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Addressing the matter involved performing
procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
These procedures included testing the effectiveness of controls relating to management&acute;s evaluation of pending litigation,
including controls over determining whether a loss is probable and whether the amount of loss can be reasonably estimated or whether
the taxation authority will probably not accept the income tax pending litigations , as well as financial statement disclosures.
These procedures also included among others, (1) obtaining and evaluating the letters of audit inquiry with internal and external
legal counsel, (2) evaluating the reasonableness of management&acute;s assessment regarding unfavorable outcomes, and (3) evaluating
the sufficiency of the Company&acute;s disclosures. Professionals with specialized skill and knowledge were used to assist in
the evaluation of Company&acute;s assessment regarding unfavorable outcomes.</P>


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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Revenue recognition - unbilled</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As described in Notes 4 and 24 to the
consolidated financial statements, of the total gross revenue recognized by the Company for the year ended December 31, 2020, R$
2,191,331 thousand relates to services rendered and not yet billed. When the revenue billing cycle does not align with the account
closing date, management estimates the amount to be recognized for services rendered and not yet billed at the year-end. These
estimates are based on different cycles of information, on data obtained from different sources and processed by a large number
of applications and systems.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The principal considerations for our
determination that performing procedures relating to unbilled revenue, is a critical audit matter are the judgments made by management
for estimating the amount of unbilled revenue. This in turn led to a high degree of auditor judgment and effort in performing audit
procedures to evaluate unbilled revenue recognition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Addressing the matter involved performing
procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
These procedures included testing the effectiveness of controls relating to unbilled revenue recognition. The procedures also included,
among others, (1) assessing the reasonableness of the criteria employed by management to estimate revenue rendered and not yet
billed including the accuracy of the underlying data and (2) performing a comparison of the originally estimated and actual billed
revenue after year-end.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Goodwill Impairment Assessment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As described in Note 13 to the consolidated
financial statements, the Company&acute;s consolidated goodwill balance was R$ 23,026,429 thousand at December 31, 2020, associated
with a single cash-generating unit (CGU) that provides all telecommunications services through a broadly integrated network. Management
conducts impairment tests for goodwill at least annually or more frequently, if events or circumstances indicate the carrying amount
may not be fully recoverable. Potential impairment is identified by comparing the value in use of the CGU to its carrying value,
including goodwill. Value in use is estimated by management using a discounted cash flow model. Management&rsquo;s cash flows projections
for the CGU included significant judgements and assumptions relating to revenue growth, discount rate and perpetuity growth rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The principal considerations for our
determination that performing procedures relating to goodwill impairment assessment is a critical audit matter are there were (i)
significant judgments made by management when developing the value in use measurement of the CGU; (ii) a high degree of auditor
judgement, subjectivity and effort in performing procedures and evaluating management&rsquo;s significant assumptions related to
revenue growth, discount rate and perpetuity growth rate; and (iii) the audit effort involved the use of professionals with specialized
skill and knowledge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Addressing the matter involved performing
procedures and evaluating audit evidence in connection with forming our overall opinion on the consolidated financial statements.
These procedures included testing the effectiveness of controls relating to management&rsquo;s goodwill impairment assessment,
including controls over the valuation of the CGU. These procedures also included, among others, (i) testing management&rsquo;s
process for developing the value in use estimate; (ii) evaluating the appropriateness of the discounted cash flow model; (iii)
testing the completeness and accuracy of underlying data used in the model; and (iv) evaluating the reasonableness of the significant
assumptions used by management related to revenue growth, discount rate and perpetuity growth rate. Evaluating management's assumption
related to revenue growth involved evaluating whether assumption used by management were reasonable considering (i) the current
and past performance of the CGU, (ii) the consistency with external market and industry data, and (iii) whether this assumption
was consistent with evidence obtained in other areas of the audit. Professionals with specialized skill and knowledge were used
to assist in the evaluation of the Company&rsquo;s discounted cash flow model and the discount rate and the perpetuity growth
rate assumptions.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">S&atilde;o Paulo, February 23, 2021</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 50%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD COLSPAN="3" STYLE="padding-bottom: 20pt; font-family: Gill Sans MT, Sans-Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-family: Gill Sans MT, Sans-Serif">By:</TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; font-family: Gill Sans MT, Sans-Serif">/s/ PricewaterhouseCoopers</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 8%; font-family: Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 15%; font-family: Gill Sans MT, Sans-Serif">Name:</TD>
    <TD STYLE="width: 77%; padding-right: 5.75pt; padding-left: 5.75pt; font-family: Gill Sans MT, Sans-Serif">Auditores Independentes</TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">We have served as the Company&acute;s auditor since 2017.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">TELEF&Ocirc;NICA BRASIL S.A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 10pt; text-align: center">Consolidated Balance Sheets</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">On December 31, 2020 and 2019</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Note</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center">(In thousands of reais)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">ASSETS</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 58%; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Current assets&#9;</TD><TD STYLE="width: 1%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">19,060,868</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">18,644,678</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Cash and cash equivalents&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,762,081</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,393,377</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Trade accounts receivable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,182,667</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,719,497</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Inventories&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">633,100</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">578,003</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Income and social contribution taxes recoverable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">519,277</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">411,595</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Taxes, charges and contributions recoverable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,512,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,176,362</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Judicial deposits and garnishments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Prepaid expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">859,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">686,503</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Derivative financial instruments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,282</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Other assets&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">408,349</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">382,591</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Non-current assets&#9;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">89,677,510</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">89,645,044</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Short&ndash;term investments pledged as collateral&#9;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,280</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,766</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Trade accounts receivable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">379,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">440,453</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Taxes, charges and contributions recoverable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">824,324</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">841,198</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Deferred taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">138,641</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,042</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Judicial deposits and garnishments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,766,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,393,417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Prepaid expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,082</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Derivative financial instruments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">31</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,514</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,881</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Other assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Investments&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">144,433</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">104,251</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Property, plant and equipment&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">44,352,593</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">42,847,264</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Intangible assets&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">40,582,117</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">41,274,952</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">TOTAL ASSETS&#9;</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">108,738,378</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">108,289,722</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">The accompanying notes are an integral part of these Consolidated
Financial Statements.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">Consolidated Balance Sheets</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">On December 31, 2020 and 2019</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Calibri, Helvetica, Sans-Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Note</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">(In thousands of reais)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">LIABILITIES AND EQUITY</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Current liabilities&#9;</TD><TD STYLE="width: 1%; font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">17,875,084</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">17,732,088</TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Personnel, social charges and benefits&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">15</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">764,329</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">752,246</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Trade accounts payable&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">16</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,613,004</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,871,799</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Income and social contribution taxes payable&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">7</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">1,693</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: right">6,585</TD><TD STYLE="font-family: Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Taxes, charges and contributions payable&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">17</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,607,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,139,812</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Dividends and interest on equity&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">18</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,865,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,587,417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Provisions and contingencies&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">19</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">417,653</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">374,445</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Deferred income&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">21</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506,806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506,181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Loans, financing, debentures and leases&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">20</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,682,472</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,126,490</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Derivative financial instruments&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">31</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,864</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,921</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Other liabilities&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">22</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">365,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Non-current liabilities&#9;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">21,306,530</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">20,102,056</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Personnel, social charges and benefits&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">15</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Income and social contribution taxes payable&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">7</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,512</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Taxes, charges and contributions payable&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">17</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285,055</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Deferred taxes&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">7</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,414,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,146,453</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Provisions and contingencies&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">19</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,192,478</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,160,973</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Deferred income&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">21</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,901</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Loans, financing, debentures and leases&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">20</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,556,694</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,698,183</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Derivative financial instruments&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">31</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66,116</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">54,212</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Other liabilities&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">22</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,417,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,422,739</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">TOTAL LIABILITIES&#9;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">39,181,614</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">37,834,144</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Equity&#9;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">69,556,764</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">70,455,578</TD><TD STYLE="padding-bottom: 1pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Capital&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">23</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,571,416</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">63,571,416</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Capital reserves&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">23</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,182,263</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,165,463</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Income reserves&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">23</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,149,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,492,387</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Other comprehensive income acumulated&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">23</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,888</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,737</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Additional proposed dividends&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">23</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,587,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,195,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">TOTAL LIABILITIES AND EQUITY&#9;</TD><TD STYLE="font-size: 11pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 11pt; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; font-size: 11pt; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">108,738,378</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-family: Times New Roman, Times, Serif; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: right">108,289,722</TD><TD STYLE="padding-bottom: 2.5pt; font-family: Times New Roman, Times, Serif; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">The accompanying notes are an integral part of these Consolidated
Financial Statements.</P>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 12pt 0 6pt; text-align: center">Consolidated Statements of Income</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">Years ended December 31, 2020, 2019
and 2018</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font: bold 8pt Times New Roman, Times, Serif; text-align: center">Note</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">(In thousands of reais, except earnings per share)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net operating revenue&#9;</TD><TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; width: 10%; text-align: center">24</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">43,126,472</TD><TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">44,268,171</TD><TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">43,462,740</TD><TD STYLE="width: 1%; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Cost of sales&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">25</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(22,693,083</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(22,158,947</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(21,025,767</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Gross profit&#9;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">20,433,389</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">22,109,224</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">22,436,973</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Operating income (expenses)&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">(13,852,460</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">(14,895,300</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">(12,980,789</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Selling expenses&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">25</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(11,871,555</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(12,701,222</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(12,832,741</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">General and administrative expenses&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">25</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(2,524,993</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(2,498,096</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(2,598,970</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Other operating income&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">26</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">1,419,113</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">929,498</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">4,077,003</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Other operating expenses&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">26</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(875,025</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(625,480</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(1,626,081</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Operating income&#9;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">6,580,929</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">7,213,924</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">9,456,184</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-indent: -8.65pt; padding-left: 17.3pt">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Financial income&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">27</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">1,351,530</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">1,132,870</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">4,112,640</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Financial expenses&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">27</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(1,924,959</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(1,953,011</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(2,285,487</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Equity&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">11</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">734</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">752</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(5,847</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Income before taxes&#9;</TD><TD STYLE="font-size: 11pt">&nbsp;</TD>
    <TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">6,008,234</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">6,394,535</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">11,277,490</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Income and social contribution taxes&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">7</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(1,237,707</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(1,393,521</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; text-align: right">(2,349,232</TD><TD STYLE="border-bottom: Black 1pt solid; font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Net income for the year&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">4,770,527</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">5,001,014</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 11pt Gill Sans MT, Sans-Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">8,928,258</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Basic and diluted earnings per common share (in R$)&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">23</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">2.90</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">2.78</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">4.96</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Basic and diluted earnings per preferred share (in R$)</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">23</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">2.77</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">3.06</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">5.45</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">The accompanying notes are an integral part of these Consolidated
Financial Statements.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">Consolidated Statements of Other
Comprehensive Income</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">Years ended December 31, 2020, 2019
and 2018</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 7pt; font-weight: bold; text-align: center">Note</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 7pt; font-weight: bold; text-align: center">(In thousands of reais)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net income for the year&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 10%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; text-align: center">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">4,770,527</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">5,001,014</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">8,928,258</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other comprehensive income that may be reclassified into income in subsequent periods&#9;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">34,861</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,523</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">8,309</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Losses on derivative financial instruments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">23</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,283</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(509</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,450</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">7</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,136</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">173</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">832</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cumulative Translation Adjustments (CTA) on transactions in foreign currency&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">11</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,927</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other comprehensive income (losses) not to be reclassified into income (losses) in subsequent periods&#9;</TD><TD STYLE="font-size: 11pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; font-size: 11pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">204,785</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(132,131</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(63,151</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Unrealized gains (losses) on financial assets at fair value through other comprehensive income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">23</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">440</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(625</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">7</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(150</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">213</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Actuarial gains (losses) and limitation effect of the assets of surplus plan&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="text-align: center">30</TD><TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">309,911</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(201,660</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(93,492</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Taxes&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">7</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(105,416</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">69,540</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,753</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other comprehensive income (losses)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">239,646</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(130,608</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(54,842</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total comprehensive income for the year&#9;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: center">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,010,173</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,870,406</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,873,416</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 32pt">The accompanying notes are an integral part of these Consolidated
Financial Statements.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">Consolidated Statements of Changes
in Equity</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">Years ended December 31, 2020, 2019
and 2018</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Capital</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Special goodwill reserve</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other capital reserves</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Treasury shares</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal reserve</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax incentive reserve</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expansion and moderniza&ndash;tion reserve</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Retained earnings</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Proposed additional dividends</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Other comprehend-sive income accumulated</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total equity</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="43" STYLE="font-weight: bold; text-align: center">(In thousands of reais)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 34%; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance as of December 31, 2017&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">63,571,416</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">63,074</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">1,238,268</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">(87,820</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">2,138,344</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">27,884</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">297,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">2,191,864</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">21,328</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 3%; font-weight: bold; text-align: right">73,780,826</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Effects of the initial adoption of IFRS 9 and 15, net of taxes&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(138,663</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(138,663</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on January 1, 2018&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">63,571,416</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">63,074</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,238,268</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(87,820</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,138,344</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">27,884</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">297,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(138,663</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,191,864</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">21,328</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">73,642,163</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payment of additional dividend for 2017&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,191,864</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,191,864</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Unclaimed dividends and interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,770</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">152,770</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Adjustment &ndash; Tax incentives&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,529</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,529</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other comprehensive income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62,739</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,897</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,842</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Equity transactions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net income for the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,928,258</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,928,258</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Allocation of income:&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Legal reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">446,413</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(446,413</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Interim interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,550,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,550,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Reversal of expansion and Modernization Reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(297,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">297,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Expansion and Modernization Reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,700,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,700,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Additional proposed dividends&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,468,684</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,468,684</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">63,571,416</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">63,074</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,238,278</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(87,820</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,584,757</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">39,413</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,700,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,468,684</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,225</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">71,607,027</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payment of additional dividend for 2018&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,468,684</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,468,684</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Unclaimed dividends and interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,898</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">DIPJ adjustment &ndash; Tax incentives&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,166</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other comprehensive income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(132,120</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,512</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(130,608</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Equity transactions (Note 1 c)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,135</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,135</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Other&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">66</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net income for the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,001,014</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,001,014</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Allocation of income:&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Legal reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(250,051</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Interim interest on equity and dividends&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,588,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,588,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Reversal of expansion and Modernization Reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,700,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,700,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Expansion and Modernization Reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(600,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Additional proposed dividends&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,195,575</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,195,575</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">63,571,416</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">63,074</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,190,209</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(87,820</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,834,808</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">57,579</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">600,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,195,575</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">30,737</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">70,455,578</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payment of additional dividend for 2019&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,195,575</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,195,575</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Unclaimed dividends and interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,788</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Adjustment &ndash; Tax incentives&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,766</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other comprehensive income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">204,495</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35,151</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,646</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Equity transactions (Note 1 c)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payment of withdrawal rights to shareholders when converting preference shares to ordinary shares&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Repurchase of preferred shares for maintenance in treasury&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,689</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,689</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Reversal of expansion and Modernization Reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(600,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net income for the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,770,527</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,770,527</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Allocation of income:&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Legal reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">238,526</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(238,526</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Interim interest on equity and dividends&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,830,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,830,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Additional proposed dividends&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,587,518</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,587,518</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">63,571,416</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">63,074</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,229,730</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(110,541</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,073,334</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">76,345</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,587,518</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">65,888</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">69,556,764</TD><TD STYLE="border-bottom: Black 2.5pt double; padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>

</TABLE>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">Consolidated Statements of Cash
Flows</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">Years ended December 31, 2020, 2019
and 2018</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center">(In thousands in reais)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash flows from operating activities&#9;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: right">&nbsp;</TD><TD STYLE="font: 11pt Gill Sans MT, Sans-Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 58%; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Income before taxes&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">6,008,234</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">6,394,535</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-weight: bold; text-align: right">11,277,490</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Adjustment for:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Depreciation and amortization&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">11,227,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,919,792</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,368,623</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Foreign exchange on loans and derivative financial instruments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,538</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,271</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Indexation accruals on assets and liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506,056</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518,833</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">801,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(734</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(752</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,847</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Losses (gains) on write-off/sale of assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(459,758</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(329,603</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(63,881</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Impairment losses &ndash; trade accounts receivable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,740,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,682,348</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,533,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Change in liability provisions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">92,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(116,717</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80,333</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-off and reversals for impairment &ndash; inventories&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,508</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(95,988</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,223</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Pension plans and other post-retirement benefits&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,487</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">56,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">52,885</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Provisions for tax, civil, labor and regulatory contingencies&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">673,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">625,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,098,251</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest expense&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">651,496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">782,921</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">497,797</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Other&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,289</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(143,208</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,089</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Changes in assets and liabilities</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Trade accounts receivable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,142,973</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,078,801</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,603,002</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Inventories&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,783</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,843</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(68,127</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Taxes recoverable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,687,393</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,550</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,849,648</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Prepaid expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(146,425</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(188,641</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,166</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,116</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">70,265</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(20,225</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Personnel, social charges and benefits&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,755</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,303</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">47,870</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Trade accounts payable&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">287,273</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">286,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,056,817</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Taxes, charges and contributions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38,526</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,872,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">223,059</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Provisions for tax, civil, labor and regulatory contingencies&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(927,057</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,727,178</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,928,925</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other liabilities&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,334</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,477</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(249,571</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">14,209,764</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">12,175,852</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,835,527</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash generated from operations</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">20,217,998</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,570,387</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,113,017</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest paid&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(781,092</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(746,986</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(494,931</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Income and social contribution taxes paid&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(95,156</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(102,205</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(676,659</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Net cash generated by operating activities&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">19,341,750</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,721,196</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,941,427</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash flows from investing activities</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Additions to PP&amp;E, intangible assets and others&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,289,264</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,838,641</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,517,458</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Proceeds from sale of PP&amp;E&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">959,345</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">698,643</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,053</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash paid for acquisition of companies, net of cash acquired&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,844</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash received from sale of investments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">116,411</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Redemption net of judicial deposits&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">798,233</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,894</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,832,062</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash and cash equivalents due to the acquisition (sale) of companies&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,756</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,760</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Redemption of applications in guarantees&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,575</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Net cash used in investing activities&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(6,408,456</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(7,927,188</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,676,333</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>


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    <DIV STYLE="margin-bottom: 6pt; border-bottom: Black 1pt solid"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</TD></TR></TABLE></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold">Cash flows from financing activities</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 58%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payment of loans, financing, debentures and leases&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(5,297,688</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(3,696,660</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">(2,893,219</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Receipts &ndash; derivative financial instruments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">84,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">192,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">181,117</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payments &ndash; derivative financial instruments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,214</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100,581</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(85,124</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Dividend and interest on equity paid&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,259,367</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,176,842</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,136,878</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Payment for acquisitions of shares for treasury&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(22,721</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Net cash used in financing activities&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(10,564,590</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(9,781,959</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(6,934,104</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Increase (decrease) in cash and cash equivalents&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,368,704</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">12,049</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(669,010</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash and cash equivalents at beginning of the year&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,393,377</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,381,328</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">4,050,338</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash and cash equivalents at end of the&nbsp;&nbsp;year&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5,762,081</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,393,377</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,381,328</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">The accompanying notes are an integral part of these Consolidated
Financial Statements.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">TELEF&Ocirc;NICA BRASIL S. A.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-transform: uppercase; text-align: center">Notes
to Consolidated Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 10pt 0; text-align: center">Years ended December 31, 2020, 2019
and 2018<BR>
<I>(In thousands of reais, unless otherwise stated)</I></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(1) Operations</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Background
information</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Telef&ocirc;nica Brasil S.A. (the &ldquo;Company&rdquo;
or &ldquo;Telef&ocirc;nica Brasil&rdquo;) is a publicly&ndash;held corporation with the main purpose of operating telecommunications
services; development of activities necessary or complementary to the execution of such services, in accordance with the concessions,
authorizations and permissions granted; exploration of value&ndash;added services; offering of integrated solutions, management
and provision of services related to: (i) data centers, including hosting and co&ndash;location; (ii) storage, processing and management
of data, information, texts, images, videos, applications and information systems and similar; (iii) information technology; (iv)
information and communication security; (v) telecommunications; and (vi) electronic security systems; licensing and sublicensing
of software of any nature, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s principal offices
are located at 1376, Engenheiro Luis Carlos Berrini Avenue, in the city and state of S&atilde;o Paulo, Brazil. It is a member of
the Telef&oacute;nica Group (&ldquo;Group&rdquo;), based in Spain and operates in several countries across Europe and Latin America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020 and 2019, Telef&oacute;nica
S.A. (&ldquo;Telef&oacute;nica&rdquo;), the Group holding company, held a total direct and indirect interest in the Company of
73.58% (Note 23).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company is registered with the Brazilian
Securities and Exchange Commission (&ldquo;CVM&rdquo;) and its shares are traded at B3. It is also registered with the Securities
and Exchange Commission (&ldquo;SEC&rdquo;), of the United States of America, its American Depositary Shares (&ldquo;ADSs&rdquo;)
being backed only by common shares and traded on the New York Stock Exchange (&ldquo;New York Stock Exchange &rdquo; - &ldquo;
NYSE &rdquo;).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operations</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company renders services for: (i)
Fixed Switched Telephone Service Concession Arrangement (&ldquo;STFC&rdquo;); (ii) Multimedia Communication Service (&ldquo;SCM&rdquo;,
data communication, including broadband internet); (iii) Personal Mobile Service (&ldquo;SMP&rdquo;); and (iv) Conditioned Access
Service (&ldquo;SEAC&rdquo; &ndash; Pay TV), throughout Brazil, through concessions and authorizations, in addition to other activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Service concessions and authorizations
are granted by Brazil&rsquo;s Telecommunications Regulatory Agency (&ldquo;ANATEL&rdquo;), the agency responsible for the regulation
of the Brazilian telecommunications sector under the terms of Law No. 9472 of July 16, 1997 &ndash; General Telecommunications
Law (&ldquo;Lei Geral das Telecomunica&ccedil;&otilde;es&rdquo; &ndash; LGT).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In accordance with the STFC service
concession agreement, every two years, during the agreement&rsquo;s 20&ndash;year term ending on December 31, 2025, the Company
will pay a fee equivalent to 2% of its prior&ndash;year STFC revenue, net of applicable taxes and social contribution taxes (Note
22).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Before the sanction of the Law n&ordm;
13.879 / 2019, radio frequencies authorizations generally were valid for 15 years and could be extended only once, for the same
period. With the normative revision improved by the aforementioned Law, successive extensions of authorization grants were allowed,
but the applicability of this instrument to the currently terms was uncertain until the edition of Decree n&ordm; 10.402 / 2020,
which detailed the requirements related to the new successive extension regime and clarified that the current authorizations are
also covered by the referred regime.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Notwithstanding, the Decree also defines
the conditions to be considered by ANATEL in connection with requests for renewal, such as ensuring the efficient use of radio
frequencies, competitive aspects, meeting the public interest and fulfilling the obligations already assumed with ANATEL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Currently, every two years after the
first renewal of these agreements, the Company will pay a fee equivalent to 2% of its prior&ndash;year SMP revenue, net of applicable
taxes and social contribution taxes (Note 22), and for certain terms, in the 15th year, the Company will pay 1% of its prior&ndash;year
revenue. The calculation will consider the net revenue from Basic and Alternative Services Plans. In July 2018, ANATEL published
Resolution No. 695 with a new public spectrum price regulation. This Resolution sets new criteria for the costs of renewing licenses.
The formula considers factors such as authorization time, regional revenue and the amount of spectrum used by the provider. Part
of the payment can be converted into investment commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When deciding on the extension of the
850 MHz band authorizations, ANATEL determined, through Judgment No. 510, of September 30, 2020, that (i) the Superintendence of
Granting and Provisioning Resources (&ldquo;SOR&rdquo;) deal with requests for extension of the current authorizations for the
use of radio frequencies in sub&ndash;bands A and B, proposing their approval, on a primary basis, until November 29, 2028, if
the legal and regulatory requirements are met; and that (ii) the amount due for the extension must be calculated based on net present
value parameters, in order to reflect the real economic value (market value) of the bands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Therefore, after overcoming the necessary
procedures with SOR, the Board of Directors of ANATEL, through Judgment No. 618, of November 26, 2020, extended the term of the
authorization for the right to use radio frequencies, referring to the bands 869.0 to 880.0 MHz, 824.0 to 835.0 MHz, 890.0 to 891.5
MHz and 845.0 to 846.5 MHz, associated with Authorization Term No. 001/2006 / PVCP / SPV&ndash; ANATEL granted to the Company,
until the date of November 29, 2028, without exclusivity, on a primary basis and restricted to the provision area related to the
State of Rio de Janeiro, pursuant to Act No. 7,281, of November 26, 2020. The extension for a period lower than the maximum limit
provided for by Law (20 years), in the opinion of ANATEL, it took place from the need to promote reorganization and resizing of
the channel&rsquo;s channeling. The calculation of the value by method other than those previously mentioned (biannual charges
and Resolution No. 695/2018, which approved the Public Price Regulation for the Right to Use Radio Frequencies (&ldquo;PPDUR&rdquo;)
was decided on the grounds that the current regulatory instruments have no forecast of applicability in cases of a second extension
of authorizations, as a complement, ANATEL determined that the payment for the authorization should be made at the level of 10%
of the amount due, with the remaining 90% being settled in the form of investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The terms of authorization for the use
of the radio frequency bands are granted based on the results obtained in the respective radio frequency auction conducted by ANATEL.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a summary of the authorizations
for use of radio frequency bands, granted to the Company, according to the terms of authorization to operate the service in each
region.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Radiofrequency</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Band (MHz)</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">License Expiration (Year)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 32%; text-align: left">450 MHz&#9;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: right">14</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 30%; text-align: right">2027</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">700 MHz&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2029</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">800 MHz&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">25</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2021&ndash;2028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">900 MHz&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2023&ndash;2035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">1800 MHz&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20&ndash;50</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2023&ndash;2035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2100 MHz&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20&ndash;30</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2023</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2500 MHz&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40&ndash;60</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2027&ndash;2031</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Corporate events that occurred in 2020 and 2019</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">In 2020</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Structuring of Vivo Money Credit Rights Investment
Fund</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In August 2020, the Vivo Money Credit
Rights Investment Fund (&ldquo;FIDC&rdquo; or &ldquo;Vivo Money&rdquo;) was structured, in the form of a closed condominium, for
an indefinite term. The FIDC may be liquidated by resolution of the General Assembly in accordance with its regulations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The objective of the FIDC is to provide
its quota holders an equity return on their shares by investing in the acquisition of: (i) eligible credit rights, with supporting
documents, which meet the eligibility criteria and the conditions of assignment, and (ii) financial assets, observing all indexes
of composition and diversification of the fund&rsquo;s portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The acquisition of eligible credit rights
and other financial assets will originate in credit transactions carried out electronically by the Company&rsquo;s customers, within
the scope of the Vivo Money program, exclusively through an electronic platform provided by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The FIDC began operations on September
14, 2020, having been granted automatic registration under article 8 of CVM Instruction 356/01, issuing 2,000 (two thousand) junior
subordinated quotas with an initial unit face value of R$1,000.00 (one thousand reais).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 1, 2020, the Company made
a new contribution to the FIDC in the amount of R$ 2,000, with the issuance of an additional 2,000 (two thousand) junior subordinated
quotas with an initial unit face value of R$1,000.00 (one thousand reais).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, the Company held
4,000 (four thousand) junior subordinated quotas with an initial unit face value of R$1,000.00 (one thousand reais), with no defined
remuneration parameter and subordinated to senior shares and subordinated mezzanine shares, in that order of priority, for the
purpose of amortization and redemption.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The FIDC is managed and held in custody
by Brl Trust Distribuidora de T&iacute;tulos e Valores Mobili&aacute;rios S.A., a financial institution, based in the city of S&atilde;o
Paulo &ndash; SP, accredited by the CVM for the exercise of portfolio management activity under declaratory act no. 11,784, of
June 30, 2011.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Acquisition and sale of control of Telef&ocirc;nica
Ciberseguran&ccedil;a e Tecnologia do Brasil Ltda.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Acquisition of control of Telef&ocirc;nica
Ciberseguran&ccedil;a e Tecnologia do Brasil Ltda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In September 2020, the Company acquired
control of Telef&ocirc;nica Ciberseguran&ccedil;a e Tecnologia do Brasil Ltda (&ldquo;CyberCo Brasil&rdquo;), for R$10,000.00 (ten
thousand reais), with a net worth of R$500.00 (five hundred reais) (&ldquo;Transaction&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Ciberseguran&ccedil;a was controlled
by Terra Networks Brasil Ltda (&ldquo;Terra Networks&rdquo;), a wholly&ndash;owned subsidiary of the Company and its corporate
purpose is to develop integrated solutions, management, consulting, outsourcing, and the provision of services related to information
and communication security; provision of research, technological development, consultancy, design, implementation and installation
of projects related to the areas of information technology, information security and intelligence; management and provision of
repair, maintenance, technical assistance and technical support in information technology, among other services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This Transaction, which involves companies
under common control, was accounted for at the book value of the net assets acquired (&ldquo;Predecessor Value Method&rdquo;),
as certain requirements for the use of the acquisition method set forth in IFRS 3 (R). Consequently, the difference between the
consideration given in exchange for the equity interest obtained and the value of the net assets acquired was recorded in the equity
of the Company and its subsidiary.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On October 28, 2020, the Company made
a capital contribution to CyberCo Brasil in the amount of R$7,000 in financial resources (cash).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On November 1, 2020, and as a preliminary
step to the implementation of the Transaction, certain assets (R$19,008 in property, plant and equipment and intangible assets),
contracts and employees were transferred to CyberCo Brasil by the Company, all strictly related to cybersecurity activities.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Sale of control of Telef&ocirc;nica Ciberseguran&ccedil;a
e Tecnologia do Brasil Ltda.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">At the meeting held on November 1, 2020,
the Company&rsquo;s Board of Directors approved the execution of the Share Purchase and Sale Agreement, pursuant to which the Company
sold all the shares it held, representing the entire share capital from its subsidiary CyberCo Brasil, to Telef&oacute;nica Cybersecurity
Tech, S.L. (&ldquo;TTech&rdquo;), indirect subsidiary of Telef&oacute;nica S.A., for the total amount of R$116,411, having generated
a net tax gain of R$39,521, recorded in equity, based on an independent external report prepared by a specialized company (&ldquo;Transaction&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Transaction will allow the Company,
as an exclusive distributor of CyberCo Brasil, to strengthen itself in the cybersecurity market by expanding its portfolio of products
and services. In addition, the Company will benefit from greater competitiveness due to the global scale of the partner dedicated
to such activities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Transaction also ensures the continuity
of the provision of cybersecurity services by the Company&rsquo;s B2B area to its end customers, as it includes the execution of
certain contracts that regulate the provision of services between CyberCo Brasil and the Company. The Purchase and Sale Agreement
contains terms and provisions common to this type of transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This Transaction is not subject to obtaining
any regulatory authorizations or additional approvals to those already obtained by the Company&rsquo;s bodies and does not alter
the Company&rsquo;s shareholding structure or cause any dilution to its shareholders, generating value to them through accelerating
their growth and increasing operational efficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This operation involved companies under
common control and, as certain requirements were not met so that it could be accounted for as a business combination provided for
in IFRS 3 (R), the difference between the consideration received in exchange for the participation alienated company was recorded
in the equity of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">With the conclusion of the Transaction,
as of November 1, 2020, CyberCo Brasil is no longer controlled by the Company.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">In 2019</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Acquisition of TIS by Wholly Owned Subsidiary
&ndash; 2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On September 26, 2019, the Company announced
that its wholly&ndash;owned subsidiary Terra Networks had acquired all the shares representing the capital stock of Telef&ocirc;nica
Infraestrutura e Seguran&ccedil;a Ltda. (&ldquo;TIS&rdquo;), owned by Telef&ocirc;nica Ingenier&iacute;a de Seguridad S.A. and
Telef&ocirc;nica Digital Espan&atilde;, S.L.U. (&ldquo;Transaction&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">TIS renders services and technology
of information security systems, technical support and services related to the infrastructure, technology and information, among
others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Transaction allowed Terra Networks,
which includes among its activities the development of systems, to expand consulting and operational assistance, maximize commercialization
of systems, licenses and applications, enabling the expansion of the portfolio of professional and managed services and the allow
for the integration of the TIS and Terra Networks business offerings generating added value for the Company&rsquo;s client portfolio.
Synergies will accrue from the companies as these are under the same management, in the activities of information technology, security,
IoT and connectivity.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The TIS share price purchase consideration
was R$70,844, due in a single installment. This was paid in cash by Terra Networks without need of financing. The purchase price
was calculated based on the economic value of the TIS on the discounted cash flow criterion, on August 31, 2019, based on an appraisal
report contracted by Terra Networks&rsquo; Board of Directors.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The sale and purchase agreement contain
terms and provisions common to such transactions, such as seller&rsquo;s representations and warranties, indemnity and others.
The Transaction was also preceded by an accounting, financial, legal and procedural audit of TIS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Completion of the Transaction is not
subject to regulatory or regulatory authorizations, or approvals by Company bodies. It was approved by Terra Networks&rsquo; Board
of Executive Officers pursuant to its by&ndash;laws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Transaction does not change the
Company&rsquo;s ownership structure or cause any dilution to its shareholder value by accelerating their growth and increasing
operational efficiency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This Transaction, involved companies
under common control, was accounted for at the book value of the net assets acquired (&ldquo;Predecessor Value Method&rdquo;),
as certain requirements for the use of the acquisition method set forth in IFRS 3 (R). Consequently, the difference between the
consideration given in exchange for the equity interest obtained and the value of the net assets acquired was recorded in Terra
Network&rsquo;s equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Upon completion of the Transaction,
as from September 1, 2019, TIS became a direct subsidiary of Terra Networks and indirectly owned by the Company.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(2) Basis of Preparation and
Presentation of Financial Statements</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(a) Statement of compliance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidated financial statements
were prepared and are presented in accordance with the International Financial Reporting Standards (&ldquo;IFRS&rdquo;), as issued
by the International Accounting Standards Board (&ldquo;IASB&rdquo;).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">(b) Basis of preparation and presentation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The financial statements were prepared
on a historical cost basis (except where different criteria are required) and adjusted to reflect the valuation of assets and liabilities
measured at fair value or considering the mark&ndash;to&ndash;market valuation when such valuations are required by IFRS.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Statement of Cash Flows was prepared
in accordance with IAS 7 &ndash; Statement of Cash Flows and reflects the changes in cash that occurred in the years presented
using the indirect method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Assets and liabilities are classified
as current when it is probable that their realization or settlement will occur in the next 12 months. Otherwise, they are classified
and shown as non-current. The only exception relates to the balances of deferred tax assets and liabilities, which are classified
and fully shown as non-current.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Board of Directors authorized issuance
of this consolidated financial statements at the meeting held on February 19, 2021.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Functional and reporting currency</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s financial statements
for the years ended December 31, 2020, 2019 and 2018 are presented in thousands of Brazilian Real/Reais (R$), unless otherwise
stated.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s functional and
reporting currency is the Brazilian Real. Transactions in foreign currency are translated into Brazilian Reais as follows: (i)
assets, liabilities and shareholders&rsquo; equity (excluding capital stock and capital reserves) are translated at the closing
exchange rate on the balance sheet date; (ii) expenses and revenues are translated at the average exchange rate, except for specific
transactions that are converted by the transaction date rate; and (iii) the capital stock and capital reserves are converted at
the transaction date rate.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Gains and losses from the conversion
of investments abroad are recognized in the statement of comprehensive income. Gains and losses from the translation of monetary
assets and liabilities between the exchange rate prevailing at the date of the transaction and the year&ndash;end closing (except
for the conversion of investments abroad) are recognized in the statement of income.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Basis of consolidation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Interest held in subsidiaries or joint
ventures is measured under the equity method in the individual financial statements. In the consolidated financial statements,
investments and all asset and liability balances, revenues and expenses arising from transactions and interest held in subsidiaries
are fully eliminated. Investments in joint ventures are measured under the equity method in the consolidated financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020 and 2019, the Company
holds direct equity interests in subsidiaries and joint ventures. Selected information on the Company&rsquo;s investees is as follows:</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><P STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 2.9pt">Equity interests</P></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 2.9pt">Investees</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 2.9pt">Type of investment</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><P STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 2.9pt">December 31, 2020</P></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: right"><P STYLE="font-size: 8pt; font-weight: bold; text-align: center; padding-bottom: 1pt; padding-left: 2.9pt">December 31, 2019</P></TD><TD STYLE="padding-bottom: 1pt; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Terra Networks Brasil Ltda (&ldquo;Terra Networks&rdquo;)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%; text-align: center; padding-left: 2.9pt">Subsidiary</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">100.00</TD><TD STYLE="width: 1%; text-align: left">%</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 15%; text-align: right">100.00</TD><TD STYLE="width: 1%; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&ocirc;nica Transportes e Log&iacute;stica Ltda (&ldquo;TGLog&rdquo;)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 2.9pt">Subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.99</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">POP Internet Ltda (&ldquo;POP&rdquo;)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 2.9pt">Subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.99</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99.99</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Vivo Money Credit Rights Investment Fund (&ldquo;Vivo Money&rdquo;) (Note 1.c)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 2.9pt">Subsidiary</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Alian&ccedil;a Atl&acirc;ntica Holding B.V. (&ldquo;Alian&ccedil;a&rdquo;)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 2.9pt">Joint venture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Companhia AIX de Participa&ccedil;&otilde;es (&ldquo;AIX&rdquo;)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 2.9pt">Joint venture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.00</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Companhia ACT de Participa&ccedil;&otilde;es (&ldquo;ACT&rdquo;)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: center; padding-left: 2.9pt">Joint venture</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.00</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50.00</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Terra Networks:</I> The Company&rsquo;s
direct and wholly&ndash;owned subsidiary, with headquarters in Brazil, with the main activities being the development, production,
installation and maintenance of computer systems; consultancy, operational assistance, training, courses and exhibitions in computer
science; commercialization of products, computer systems, software licenses and applications; import and export of services, licenses,
products and computer systems; cession of space for insertion of advertising or advertising material in general; provision of internet
access; services and activities related to product distribution and electronic commerce; amusement and entertainment services;
provision of intermediary services and business in general; commercialization, distribution, licensing of digital content; development
and availability of portals and content pages on the internet; commercialization, lending and rental of equipment and products;
provision of technical support services in information technology, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Since September 1, 2019, Terra Networks
became the direct parent company of TIS (Note 1 c), a company headquartered in Brazil, whose main activities are the exploration
and provision of services and technology, information security systems, technical support and other services related to the infrastructure,
technology and information, among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>TGLog:</I> The Company&rsquo;s direct
subsidiary, with its head office in Brazil, whose main activities are the provision of services in the activity of multimodal transportation
of products in general; logistics activities; administration and operation of general and customs warehouses throughout the national
territory; rental of equipment and storage of goods from third parties; among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>POP:</I> The Company&rsquo;s direct
subsidiary, with headquarters in Brazil, whose main activities are the development of activities related to information technology,
internet and any other networks; provision of hosting services and the commercial exploitation of websites and portals; handling,
making available and storing information and data; trade in software, hardware, telecommunication equipment and electronics; development,
licensing and maintenance of information systems and routines; e&ndash;commerce development; creation and administration of own
and / or third party databases; commercialization and placement of advertisements, advertisements and banners; among others.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">POP is the direct parent company of
Innoweb Ltda (&ldquo;Innoweb&rdquo;), headquartered in Brazil, whose main activities are to act as an internet provider; develop
information activities; develop all forms of telecommunications activities, including the transmission of voice, data and information;
commercialize equipment and / or accessories for telecommunications and electronics, among others</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Vivo Money: </I>The Company&rsquo;s
direct and wholly owned subsidiary, with headquarters in Brazil. It is a FIDC structured by the Company, for the acquisition of
eligible credit rights and other financial assets originating from credit operations carried out electronically by the Company&rsquo;s
customers, within the scope of the Vivo Money program, exclusively through the electronic platform provided by the Company (Note
1.c).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>Alian&ccedil;a: </I>Joint venture,
headquartered in Amsterdam, Netherlands, with 50% interest held by the Company, whose main activity is the acquisition and management
of subsidiaries, and holding interest in companies of the telecommunications industry.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>AIX:</I> Joint venture, headquartered
in Brazil, with 50% interest held by the Company, with the main activity in holding interest in Cons&oacute;rcio Refibra, and in
performing activities related to the direct and indirect operation of activities associated with the construction, completion and
operation of underground networks for optical fiber ducts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>ACT:</I> Joint venture, headquartered
in Brazil, with 50% interest held by the Company, with the main activity in holding interest in Cons&oacute;rcio Refibra, and in
performing activities related to the rendering of technical support services for the preparation of projects and completion of
networks, by means of studies required to make them economically feasible, and monitor the progress of Consortium&ndash;related
activities.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">e) Segment reporting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Business segments are defined as components
of a company for which separate financial information is available and regularly assessed by the operational decision&ndash;making
professional in definition of how to allocate funds to an individual segment and in the assessment of segment performance. Considering
that: (i) all officers and managers&rsquo; decisions are based on consolidated reports; (ii) the Company and its subsidiaries&rsquo;
mission is to provide their customers with quality telecommunications services; and (iii) all decisions related to strategic planning,
finance, purchases, short&ndash; and long&ndash;term investments are made on a consolidated basis, the Company and its subsidiaries
operate in a single operating segment, namely the provision of telecommunications services.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">f) Significant accounting practices</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Significant and relevant accounting
policies for the understanding of the basis of recognition and measurement applied in the preparation of the Company&rsquo;s financial
statements are included in the respective notes to which they refer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The accounting policies adopted in the
preparation of the consolidated financial statements for the year ended December 31, 2020 are consistent with those used in the
preparation of the consolidated annual financial statements for the year ended December 31, 2019, except for the changes required
by the new pronouncements, interpretations and amendments approved for the IASB, which came into effect as of January 1, 2020,
as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>&bull; Changes to IFRS 3: Definition
of business</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In October 2018, the IASB issued changes
to the definition of business in IFRS 3, to help entities determine whether an acquired set of activities and assets consists of
or not in a business. They clarify minimum requirements, eliminate the assessment of whether market participants are able to replace
any missing elements, include guidelines to help entities assess whether a purchased process is substantive, better define business
and product definitions, and introduce a test of optional fair value concentration.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>&bull; Amendments to IAS 1 and IAS
8: Definition of material omission</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In October 2018, the IASB issued changes
to IAS 1 and IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors, to align the definition &ldquo;material omission&rdquo;
or &ldquo;materially distorted disclosure&rdquo; in all standards and to clarify certain aspects of the definition. The new definition
states that &ldquo;the information is material if its omission, distortion or obscuration can reasonably influence decisions that
the main users of the general purpose financial statements make based on these financial statements, which provide financial information
on the entity&rsquo;s specific report&rdquo;.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The adoption of these changes had no
impact on the consolidated financial statements in the initial adoption period (January 1, 2020).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><I>New IFRS pronouncements, issues,
amendments and interpretations of the IASB</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition to the standards issued
and amended mentioned above, on the date of preparation of these financial statements, the IASB had issued IFRS 17 &ndash; Insurance
Contracts (a standard not yet issued in Brazil), a new comprehensive accounting standard for insurance contracts that includes
recognition and measurement, presentation and disclosure.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">IFRS 17 will come into force for periods
beginning on or after January 1, 2021, requiring the presentation of comparative figures. Early adoption is permitted if the entity
also adopts IFRS 9 and IFRS 15 on the same date or before the initial adoption of IFRS 17. This standard does not apply to the
Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company does not anticipate the
early adoption for the year ended December 31, 2020 of any pronouncement, interpretation or amendment that has been issued before
application is mandatory.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">g) Significant accounting judgments estimates and assumptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The preparation of the financial statements
requires the use of certain critical accounting estimates and the exercise of judgment by the Company&rsquo;s management in applying
its accounting policies. These estimates are based on experience, knowledge, information available at the end of the year, and
other factors, including expectations of future events that are believed to be reasonable in the circumstances. Actual results
involving these estimates could differ in values from those recorded in the financial statements due to the criteria inherent in
the estimation process. The Company reviews its estimates at least annually.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The significant and relevant estimates
and judgments applied by the Company in the preparation of these financial statements are presented in the following notes: trade
accounts receivable (Note 4); income and social contribution taxes (Note 7); property, plant and equipment (Note 12); intangible
assets (Note 13); provision and contingencies (Note 19); net operating income (Note 24); pension plans and other post-employment
benefits (Note 30); and financial instruments and risk and capital management (Note 31).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(3) Cash and Cash Equivalents</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These are financial assets, measured
at amortized cost, maintained in order to meet short&ndash;term cash commitments and not for investment or other purposes. The
Company and its subsidiaries consider cash equivalents a short&ndash;term investment readily convertible into a known amount of
cash and subject to insignificant risk of change in value and when redeemable within 90 days.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Breakdown</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash and banks (1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">191,975</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">250,168</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Short&ndash;term investments (2)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,570,106</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,143,209</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,762,081</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,393,377</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>On December 31, 2020 and 2019, the Consolidated balances included R$47,313 and R$59,657, respectively, related to the Financial
Clearing House, with a Telef&oacute;nica Group company (Note 28).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Highly liquid short&ndash;term investments basically comprise Bank Deposit Certificates (&ldquo;CDB&rdquo;) and Repurchase
Agreements with first tier rated financial institutions, indexed to the Interbank Deposit Certificate (&ldquo;CDI&rdquo;) rate,
with original maturities of up to three months, and with immaterial risk of change in value. Income from these investments are
recorded as financial income.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(4) Trade Accounts Receivable</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These are financial assets measured
initially at fair value and subsequently, at amortized cost and are evaluated by the value of the services provided and goods
sold in accordance with the contracted conditions, net of estimated impairment losses. These include the services provided to
customers, which were still not billed at the balance sheet date, as well as other trade accounts receivable related to the sale
of cell phones, SIM cards, accessories, advertising and rent of IT equipment (&ldquo;Vivo Tech&rdquo; product) and credit rights
of the Vivo Money FIDC.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company measures the provision for
estimated impairment losses in an amount equal to the loss of credit expected for a lifetime.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Critical estimates and judgments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In determining whether the credit risk
of a financial asset has increased significantly since the initial recognition and in estimating the expected credit losses, the
Company considers reasonable and bearable information that is relevant and available. This includes quantitative and qualitative
information and analysis, based on the Company&rsquo;s historical experience, credit assessment and considering forward&ndash;looking
information. Although the Company believes that the assumptions used are reasonable, the results may be different.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Breakdown</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Billed amounts&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">7,611,858</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">7,018,601</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Unbilled amounts (1)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,191,331</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,866,196</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interconnection amounts&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">724,630</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">790,046</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Vivo Money FIDC&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,975</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Amounts from related parties (Note 28)&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">105,349</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">129,904</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Gross accounts receivable&#9;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">10,635,143</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">10,804,747</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Estimated impairment losses&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(2,072,578</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(1,644,797</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">8,562,565</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">9,159,950</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,182,667</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,719,497</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">379,898</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">440,453</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes the amounts of contractual assets, shown in item 4.d), of this note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Balances of non-current trade accounts
receivable include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">B2B merchandise resale portion &ndash; 24 months&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">159,075</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">182,286</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Portion of accounts receivable from the OI group &ndash; Bankruptcy process of companies&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">59,813</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,647</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Vivo TECH product (1)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">348,086</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">317,988</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Nominal amount receivable&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">566,974</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">589,921</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Deferred financial income&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(34,504</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(48,086</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Present value of accounts receivable&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">532,470</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">541,835</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Estimated impairment losses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(152,572</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(101,382</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Net amount receivable&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">379,898</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">440,453</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The maturity schedule is up to five years for amounts related to the Vivo TECH product.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There are no unsecured residual values
resulting in benefits to the lessor nor contingent payments recognized as revenue for the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following are amounts receivable,
net of estimated losses for impairment of accounts receivable, by maturity:</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Falling due (1)&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">6,798,420</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">6,862,054</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Overdue &ndash; 1 to 30 days&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">870,551</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">966,986</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Overdue &ndash; 31 to 60 days&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">228,074</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">306,956</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Overdue &ndash; 61 to 90 days&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">142,788</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">192,622</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Overdue &ndash; 91 to 120 days&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">157,105</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">250,029</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Overdue &ndash; over 120 days&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">365,627</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">581,303</TD><TD STYLE="padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">8,562,565</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">9,159,950</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes the amounts of contractual assets, shown in item 4.d), of this note.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020 and 2019, no customer
represented more than 10% of trade accounts receivable, net.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Changes in contractual assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table shows the changes
in contractual assets, in the years ended December 31, 2020 and 2019:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Contract assets, gross</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Provision for<BR> losses</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Contract assets, net</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 53%; font-size: 10pt; font-weight: bold; text-align: left"><B>Balance on December 31, 2018&#9;</B></TD><TD STYLE="width: 1%; padding-bottom: 1pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">195,733</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(33,708</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">)</TD><TD STYLE="width: 1%; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">162,025</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">Additions&#9;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">558,883</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(12,486</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">546,397</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">Write-offs&#9;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(485,108</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(485,108</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left"><B>Balance on December 31, 2019&#9;</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">269,508</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(46,194</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">223,314</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">Additions&#9;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">444,284</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">444,284</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">Write-offs&#9;</TD><TD STYLE="padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(510,215</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">11,300</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(498,915</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left"><B>Balance on December 31, 2020&#9;</B></TD><TD STYLE="padding-bottom: 2.5pt; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">203,577</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(34,894</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">168,683</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">e) Changes in estimated losses for impairment</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table shows the changes
in estimated losses for impairment of accounts receivable.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,498,134</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Supplement to estimated losses, net of resersal (Note 25)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,682,348</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Write-off&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,547,577</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Business combinations (Note 1.c)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11,892</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,644,797</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Supplement to estimated losses, net of resersal (Note 25)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,740,358</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Write-off&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,312,577</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,072,578</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(5) Inventories</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These are evaluated and presented at
the lower of average acquisition cost and net realizable value, whichever is lower. These include resale materials such as cellphones,
SIM cards, accessories, consumption materials and maintenance. Net realizable value is the estimated selling price in the ordinary
course of business, less estimated costs to sell.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Estimated impairment losses are set
up for materials and devices considered obsolete or whose carrying amounts are in excess of those usually sold within a reasonable
period. Additions and reversals of estimated impairment losses and inventory obsolescence are included in cost of goods sold (Note
25).</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Breakdown</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Materials for resale&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">590,706</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">539,822</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Materials for consumption&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,156</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">41,584</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other inventories&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,109</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">24,115</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Gross total&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">662,971</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">605,521</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Estimated losses from impairment or obsolescence&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(29,871</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,518</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">633,100</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">578,003</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(6) Prepaid Expenses</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These are stated at amounts effectively
disbursed referring to services contracted but not yet incurred. Prepaid expenses are allocated to the statement of incomes to
the extent that related services are rendered, and economic benefits are obtained.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Includes the amounts of incremental
costs related to obtaining a contract (sales commissions and other acquisition costs from third parties).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Breakdown</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Incremental costs (costumers contracts)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">480,909</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">330,919</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Advertising and publicity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">275,083</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">249,433</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Rental&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,559</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,248</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Software and networks maintenance&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,151</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,863</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Financial charges&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">22,175</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,521</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Personal&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,135</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Insurance&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,503</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,459</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Satellites and links (1)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">102,851</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Taxes and other&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,046</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,007</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,054,277</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">906,585</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">859,766</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">686,503</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">194,511</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">220,082</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Refers to contracts signed for the provision of infrastructure, equipment and links for satellite communication, aiming at
the best provision of services by the Company. These contracts have a duration of up to 5 years.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(7) Income and Social Contribution
Taxes</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.1) Current taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current tax assets and liabilities for
the current and previous years are measured at the estimated amount recoverable from, or payable to, the tax authorities. The tax
rates and laws used in calculating the amounts referred to above are those in effect, or substantially in effect, at year&ndash;end.
In the balance sheet, current taxes are presented net of prepayments over the year.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Current income and social contribution
taxes, related to items directly recognized in equity, are also recognized in equity. Management regularly assesses the tax position
in circumstances in which tax regulation requires interpretation and sets up provision therefore when appropriate.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.2) Deferred taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Deferred tax assets are recognized for
all deductible temporary differences, unused tax credits and losses, to the extent that taxable profit is likely to be available
for realization of deductible temporary differences and unused tax credits and losses are likely to be used, except: (i) when the
deferred tax asset related to the deductible temporary difference arises from initial recognition of an asset or liability in a
transaction other than a business combination and does not impact, at the transaction date, the book profit, income or loss for
tax purposes; and (ii) on deductible temporary differences related to investments in subsidiaries that deferred tax assets are
recognized only to the extent that it is probable that temporary differences will be reversed in the near future and taxable profit
is likely be available so that temporary differences can be used.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The carrying amount of deferred tax
assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit
shall be available to allow all or part of the deferred tax asset to be used. Derecognized deferred tax assets are reassessed at
each reporting date and are recognized to the extent that it has become probable that future taxable profits will allow the deferred
tax asset to be recovered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Deferred tax liabilities are recognized
on all temporary tax differences, except: (i) when the deferred tax liability arises from initial recognition of goodwill, or an
asset or liability in a transaction other than a business combination, and does not affect book profit or taxable profit or tax
losses on the transaction date; and (ii) on temporary tax differences related to investments in subsidiaries, in which the temporary
difference reversal period can be controlled and temporary differences are not likely to be reversed in the near future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Deferred tax assets and liabilities
are measured at the tax rate expected to be applicable for the year the asset will be realized, or the liability will be settled,
based on the rates provided in tax legislation and that were published as at year&ndash;end.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Deferred tax assets and liabilities
are not discounted to present value and are classified in the balance sheet as non-current, irrespective of their expected realization.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The tax effects of items recorded directly
in equity are also recognized in equity. Deferred tax items are recognized based on the transaction which gave rise to that deferred
tax, in comprehensive income or directly in equity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Deferred tax assets and liabilities
are presented net when there is a legal or constructive right to offset a tax asset against a tax liability and deferred taxes
relate to the same taxpaying entity and are subject to the same tax authority.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Critical estimates and judgments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There are uncertainties regarding the
interpretation of complex tax regulations and the amount and timing of future taxable profits. The Company and its subsidiaries
set up provision, based on estimates, for possible consequences of different interpretation by the tax authorities. The amount
of this provision is based on various factors, such as previous tax audit experience and different interpretations of tax regulations
by the taxable entity and by the relevant tax authority. Such differences in interpretation may arise on a wide variety of issues
depending on the conditions prevailing in the respective domicile of the Company or those of its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries evaluate
the recoverability of deferred tax assets based on estimates of future profits. This recoverability ultimately depends on the ability
to generate taxable profits over the period in which the deferred tax asset is deductible. The analysis considers the reversal
period of deferred tax liabilities, as well as estimates of taxable profits, based on updated internal projections reflecting the
latest trends.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Determining the proper classification
of the tax items depends on several factors, including an estimate of the period and the realization of the deferred tax asset
and the expected date of payments of these taxes. The actual flow of receipt and payment of income tax could differ from estimates
made by the Company and its subsidiaries, as a result of changes in tax laws or of unexpected future transactions that may have
an impact on tax balances.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Income and social contribution taxes recoverable</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Income taxes recoverable&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">483,452</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">380,314</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Social contribution taxes recoverable&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">35,825</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,281</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">519,277</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">411,595</TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Income and social contribution taxes payable</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Income taxes payable&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">74,190</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">76,483</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Social contribution taxes payable&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">23,755</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">16,614</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">97,945</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">93,097</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,585</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,512</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The non-current amounts of R$96,252
and R$86,512, recorded on December 31, 2020 and 2019, respectively, refer to the taxes classified in IFRIC 23 &ndash; Uncertainties
about Income Tax Treatments (Note 7.g).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">e) Deferred taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Significant components of deferred income
and social contribution taxes are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 6pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Balance on December 31, 2018</TD><TD STYLE="font: bold 6pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Income statement</TD><TD STYLE="font: bold 6pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Comprehensive income</TD><TD STYLE="font: bold 6pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Balance on December 31, 2019</TD><TD STYLE="font: bold 6pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Income statement</TD><TD STYLE="font: bold 6pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Comprehensive income</TD><TD STYLE="font: bold 6pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Equity transactions (4)</TD><TD STYLE="font: bold 6pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Balance on December 31, 2020</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Deferred tax assets&nbsp;&nbsp;(liabilities)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 36%; font-size: 7.5pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Income and social contribution taxes on tax losses (1)&#9;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; font-weight: bold; text-align: right">1,428,476</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; font-weight: bold; text-align: right">51,360</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; font-weight: bold; text-align: right">1,479,836</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; font-weight: bold; text-align: right">(17,338</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; font-weight: bold; text-align: right">1,462,498</TD><TD STYLE="width: 1%; font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Income and social contribution taxes on temporary differences (2)&#9;</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(3,181,331</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(1,343,635</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">69,719</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(4,455,247</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(1,158,942</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(103,430</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(20,778</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(5,738,397</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Provisions for legal, labor, tax civil and regulatory contingencies&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">1,965,700</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(275,109</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">1,690,591</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">101,826</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">1,792,417</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Trade accounts payable and other provisions&#9;&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">571,734</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(40,393</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">531,341</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">262,080</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">793,421</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Customer portfolio and trademarks&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">184,603</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(86,525</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">98,078</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(132,249</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(34,171</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Estimated losses on impairment of accounts receivable&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">442,276</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">36,354</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">478,630</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">114,300</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">592,930</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Estimated losses from modems and other P&amp;E items&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">176,130</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">6,869</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">182,999</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(9,343</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">173,656</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Pension plans and other post-employment benefits&#9;&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">226,221</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">91,746</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">69,540</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">387,507</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">38,641</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(105,416</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">320,732</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Profit sharing&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">129,689</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(9,695</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">119,994</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">13,919</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">133,913</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Licenses&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(1,853,214</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(216,330</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(2,069,544</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(216,330</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(2,285,874</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Goodwill (Spanish and Navytree, Vivo Part. and GVT Part.)&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(4,600,940</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(1,002,768</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(5,603,708</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(1,002,768</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(6,606,476</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD></TR>
</TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 36%; font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Property, plant and equipment of small value&#9;</TD><TD STYLE="width: 1%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; text-align: right">(395,606</TD><TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; text-align: right">107,155</TD><TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; text-align: right">(288,,451</TD><TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; text-align: right">(453,073</TD><TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7.5pt; text-align: right">(741,524</TD><TD STYLE="width: 1%; font-size: 7.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Technological Innovation <BR> Law&#9;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(50,127</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">25,562</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(24,565</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">5,844</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; text-align: right">(18,721</TD><TD STYLE="font-size: 7.5pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">On other temporary <BR> differences (3)&#9;</TD><TD STYLE="font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: right">22,203</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: right">19,499</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: right">179</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: right">41,881</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: right">118,211</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: right">1,986</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: right">(20,778</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: right">141,300</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total deferred tax assets (liabilities), non-current&#9;</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(1,752,855</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(1,292,275</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">69,719</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(2,975,411</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(1,176,280</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(103,430</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(20,778</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7.5pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: right">(4,275,899</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7.5pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Deferred tax assets&#9;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">5,569,885</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">5,548,581</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">6,051,884</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Deferred tax liabilities&#9;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(7,322,740</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(8,523,992</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(10,327,783</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Deferred tax assets&nbsp;&nbsp;(liabilities), net&#9;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(1,752,855</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(2,975,411</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(4,275,899</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Represented in the balance sheet as follows:&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Deferred tax assets of subsidiaries&#9;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">230,097</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">171,042</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">138,641</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Deferred tax liabilities&#9;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(1,982,952</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(3,146,453</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: right">(4,414,540</TD><TD STYLE="font-size: 7.5pt; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Under Brazilian tax legislation these may be offset up to 30% of the annual taxable income but otherwise have no expiry date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Amounts that will be realized upon payment of provision, occurrence of impairment losses for trade accounts receivable, or
realization of inventories, as well as upon reversal of other provision.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 4pt 0.25in; text-indent: -0.25in">(3) Deferred taxes from other
temporary differences, such as deferred income, renewal of licenses, disposal of structures (towers and rooftops), among others.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Refer to deferred taxes arising from transactions for the acquisition and sale of companies, described in note 1.c.</TD></TR></TABLE>

<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, deferred tax assets
(income and social contribution tax losses) were not recognized in the subsidiaries&rsquo; (Innoweb, TGLog, TIS and Vivo Money)
accounting records, in the amount of R$68,783 (R$54,570 on December 31, 2019), as it is not probable that future taxable profits
will be sufficient for offset for these subsidiaries to benefit from such tax credits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Expected realization of deferred taxes,
net, non-current. The amounts are based on projections subject to change in the future.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; font-size: 8pt; font-weight: bold; text-align: center">Year</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 83%; text-align: left">2021</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,080,481</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">709,170</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2023</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">505,837</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">387,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">2025</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32,811</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">2026 onwards&#9;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(7,992,047</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left"><B>Total&#9;</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,275,899</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">f) Reconciliation of income tax and social contribution
expense</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries recognize
income and social contribution taxes on a monthly basis, on an accrual basis, and pay taxes based on estimates, as per the tax
auxiliary trial balance. Taxes calculated on profits up to the balance sheet date are recorded in liabilities or assets, as applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Below we present the reconciliations
of the tax expense and the amounts is calculated by applying the statutory tax rate of 34% (income tax of 25% and social contribution
tax of 9%) in the table below for the year ended December 31, 2020, 2019 and 2018.</P>

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 58%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Income before taxes&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">6,008,234</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">6,394,535</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">11,277,490</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Income and social contribution tax expenses, at the tax rate of 34%&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,042,800</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,174,142</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,834,347</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Permanent differences&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Equity (Note 11)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">256</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,988</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Unclaimed interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,699</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,825</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,426</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Non-deductible expenses, gifts, incentives&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84,988</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(84,487</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(76,671</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Tax benefit related to interest on equity allocated&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">894,200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">879,920</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,547,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other (additions) exclusions&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">12,330</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,243</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">31,200</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Tax debit&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,237,707</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,393,521</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,349,232</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Effective rate&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.6</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21.8</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20.8</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Current income and social contribution taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(61,427</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(101,246</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(832,485</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Deferred income and social contribution taxes&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,176,280</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,292,275</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,516,747</TD><TD STYLE="text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">g) Uncertainties about Income Tax Treatments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries are
defending several assessments filed by the Federal Revenue of Brazil (&ldquo;RFB&rdquo;) for allegedly incorrect deductions of
expenses, mainly related to the amortization of goodwill, at various administrative and judicial levels, in the amount of R$16,969,554
on December 31, 2020 (R$9,895,728 on December 31, 2019). Management, supported by the position of its legal advisors, believes
that a large part of these deductions will likely be accepted in decisions of higher courts of last resort (acceptance probability
greater than 50%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Of this amount, to tax treatments in
which the Company and its subsidiaries believes that the probability of acceptance by the tax authority is less than 50%, a non-current
tax and social contribution liability was recognized in the amount of R$96,252 on December 13, 2020 (R$86,512 on December 13, 2019),
in relation to these actions (Note 7.d). These actions involve compensation for overpayment of income tax and social contribution
not approved by the RFB.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(8) Taxes, Charges and Contributions
Recoverable</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">State VAT (ICMS) (1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,014,540</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,664,499</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">PIS and COFINS (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">128,489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,125,186</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Withholding taxes and contributions (3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,134</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">142,940</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Fistel, INSS, ISS and other taxes&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">106,454</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">84,935</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,336,617</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,017,560</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,512,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,176,362</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">824,324</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">841,198</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes ICMS credits from the acquisition of property and equipment, available to offset in 48 months; requests for refund
of ICMS paid on invoices that were subsequently cancelled; for the rendering of services; tax substitution; and tax rate difference;
among others. Non-current consolidated amounts include credits arising from the acquisition of property and equipment of R$541,941
and R$537,209 on December 31, 2020 and 2019, respectively.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The balance of December 31, 2019 include the tax credits of PIS and COFINS plus interest accruals based on the SELIC, in the
amount of R$2,046,274, arising from the final judicial processes in favor of the Company, which recognized the right to deduct
ICMS from the basis of the calculation of PIS and COFINS contributions. This amount was fully offset with the payments of taxes
to be paid during the year 2020.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: 0in">The Company has two other lawsuits
of the same nature in progress (including lawsuit of company that have already been merged &ndash; Telemig), treated as contingent
assets, which cover several periods between February 2002 and June 2017, with estimated amounts between R$1,768 million and R$1,944
million. For these cases, like the previous ones of the same nature, the Company only recognizes the credits after obtaining the
unappealable transit certificate and a reliable measurement of the information.</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Withholding income tax (&ldquo;IRRF&rdquo;) credits on short&ndash;term investments, interest on equity and others, which are
used as deduction in operations for the period and social contribution tax withheld at source on services provided to public agencies.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(9) Judicial Deposits and Garnishments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When granted suspension of tax liability,
judicial deposits, are required to be made by law to enable claims discussions to proceed.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Judicial deposits are recorded at historical
cost&ndash;plus legal indexation/interest accruals.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Judicial deposits</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 70%; text-indent: -9.35pt; padding-left: 9.35pt">Tax&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,453,939</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,007,074</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Civil&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">951,905</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,049,922</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Labor&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">241,455</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">316,009</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Regulatory&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">266,647</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">261,005</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,913,946</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,634,010</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Garnishments&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">30,432</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,875</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,944,378</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,670,885</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">177,433</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">277,468</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,766,945</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,393,417</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below presents the classified
balances on December 31, 2020 and 2019 of the tax judicial deposits (classified by tax).</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Corporate Income Tax (IRPJ) and Social Contribution Tax (CSLL)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">92,849</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">575,426</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Universal Telecommunication Services Fund (FUST)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">525,563</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">518,372</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">State Value&ndash;Added Tax (ICMS)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331,086</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">269,483</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Social Contribution Tax for Intervention in the Economic Order (CIDE)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">289,924</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">286,270</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Social Security, work accident insurance (SAT) and funds to third parties (INSS)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,880</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">140,186</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Withholding Income Tax (IRRF)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">58,300</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,142</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telecommunications Inspection Fund (FISTEL)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,830</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">46,167</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Contribution tax on gross revenue for Social Integration Program (PIS) and for Social Security Financing (COFINS)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,540</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,983</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other taxes, charges and contributions&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">56,967</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">79,045</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,453,939</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,007,074</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A brief description of the main tax&ndash;related
judicial deposits is as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Corporate Income Tax (IRPJ) and Social Contribution Tax (CSLL)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">The Company is involved in disputes related to: (i)
debts stemming from offsetting of IRPJ and CSLL overpayments not recognized by the Brazilian IRS; (ii) requirement of IRPJ estimates
and lack of payment of debts in the Integrated System of Economic and Tax Information (SIEF); and (iii) underpaid IRPJ amounts.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">On July 13, 2020, the 2nd Federal Court of Maring&aacute;
&ndash; PR issued an order determining the transfer to the Company of the judicial deposit made by the former GVT, referring to
the tax use of goodwill generated in operations to incorporate subsidiaries, in the updated amount of R$490,603, which was deposited
in favor of the Company on July 20, 2020.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Universal Telecommunication Services Fund (FUST)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">The Company and/or its subsidiaries filed an injunction
in order to represent its right not to include expenses with interconnection and industrial use of dedicated line in the FUST tax
base, according to Abridgment No. 7, of December 15, 2005, as it does not comply with the provisions contained in the sole paragraph
of article 6 of Law No. 9998/00. The amounts related to these expenses are deposited.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>State Value&ndash;Added Tax (ICMS)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">The Company is party to legal proceedings related to:
(i) ICMS on exempt or non-taxable transactions; (ii) ICMS not levied on communication in default; (iii) fine for late voluntary
payment of ICMS; (iv) ICMS supposedly levied on access, adhesion, activation, availability and use of supplementary services and
additional facilities; (v) right to tax credit from the acquisition of goods for fixed assets and electric energy; (vi) ICMS on
activation cards for pre&ndash;paid services; (vii) assignment of payment of ICMS relating to a portion of pay TV operations.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Social Contribution Tax for Intervention in the Economic Order (CIDE)</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">The Company is party to legal proceedings for the exemption
of CIDE levied on offshore remittances of funds arising from agreements for the transfer of technology, brand and software licensing
etc.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(10) Other Assets</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Surplus from post-employment benefit plans (Note 30) (1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">165,062</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">220,939</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Receivables from suppliers&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">209,908</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,540</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Advances to employees and suppliers&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">117,033</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">73,849</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Related&ndash;party receivables (Note 28)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,835</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">64,966</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Goods for sale (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">76,912</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other amounts receivable (3)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">27,765</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,123</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">592,603</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">618,329</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">408,349</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">382,591</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">184,254</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">235,738</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>On December 31, 2020 and 2019, includes R$158,959 and R$209,347, respectively, referring to the distribution of the PBS-A surplus</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Refers to the balance of property, plant and equipment available for sale, resulting from the contract entered into by the
Company on November 28, 2019, for the sale of 1,909 structures (rooftops and towers) owned by the Company to Telxius Torres Brasil
Ltda. (Note 12). On February 7, 2020, this transaction was concluded for a total amount of R$641 million, after the fulfillment
of all suspensive conditions common to this type of transaction, including the approval of the Transaction by the Administrative
Council for Economic Defense (&ldquo;CADE&rdquo;).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>On December 31, 2020 and 2019, includes R$12,122 and R$10,226, respectively, from a subletting agreement in the Curitiba Data
Center, for a period of 22 years and of structures (towers and rooftops) for a period of 10 years (this occurred in the 1st quarter
of 2020). There are no unsecured residual amounts that result in lessor benefits and no contingent payments recognized as income
during the period years.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: -0.25in">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(11) Investments</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The consolidation of a subsidiary begins
when the Company obtains control over the subsidiary and ends when the Company ceases to exercise said control. Assets, liabilities
and results of a subsidiary acquired or sold during the year are included in the consolidated financial statements from the date
on which the Company obtains control until the date on which the Company ceases to exercise control over the subsidiary.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Joint control is the contractually agreed
sharing of a control, only existing when decisions about relevant activities call for unanimous agreement by the parties sharing
control.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Control is obtained when the Company
is exposed or has the right to variable returns based on its involvement with the investee and has the capacity of affecting those
returns through the power exercised over an investee.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Based on the equity method, investments
are recorded in balance sheets at cost plus changes after the acquisition of the equity interest. The statement of income reflects
the portion of the results of operations of the investees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When changes are directly recognized
in the investees&rsquo; equity, the Company will recognize its portion in variations occurred, and record these variations in the
statements of changes in equity and in the statements of comprehensive income, where applicable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The financial statements of investees
are prepared for the same reporting period of the Company. Whenever necessary, adjustments are made so that the accounting policies
are in accordance with those adopted by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">After the equity method is applied,
the Company determines whether there is any need to recognize additional impairment of its investment in investees. At each closing
date, the Company determines whether there is objective evidence of impairment of investment in the affiliate. If so, the Company
calculates the recoverable amount as the difference between the recoverable value of the investees and their carrying amount and
recognizes the amount in the statement of incomes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When there is loss of significant influence
over the investees, the Company evaluates and recognizes the investment, at that moment, at fair value. Any difference between
the investees&rsquo; carrying amount by the time it loses significant influence and the fair value of the remaining investment
and revenue from sale is recognized in the statement of incomes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Foreign exchange variations in Alian&ccedil;a&rsquo;s
equity (jointly controlled entity) are recognized in the Company&rsquo;s equity in other comprehensive income (&ldquo;Effects on
conversion of investments abroad&rdquo;, Note 23).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Information on investees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Below, we present a summary of the relevant
financial data of direct investees in which the Company has an interest and include the corporate changes described in note 1 c).</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Balance sheets</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Joint Ventures (Alian&ccedil;a / AIX / ACT)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Equity interest&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">50.00</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">%</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">50.00</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Summary of balance sheets:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Current assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">301,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,183</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Non-current assets&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,426</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,556</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Total assets&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">311,944</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">231,739</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Current liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,544</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,140</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Non-current liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,090</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,773</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Equity&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">287,310</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">207,826</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Total liabilities and equity&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">311,944</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">231,739</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Investment Book value&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">143,655</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">103,913</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Statements of Income</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Joint Ventures (Alian&ccedil;a / AIX / ACT)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Summary Statements of Income:</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 58%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net operating income&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">45,893</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">45,567</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">45,608</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Operating costs and expenses&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,595</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,325</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(58,773</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Financial income (expenses), net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">708</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,334</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Income and social contribution taxes&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(538</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(768</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">137</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Net income (loss) for the year&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,468</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,504</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(11,694</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Equity, according to interest held&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">734</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">752</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,847</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Changes in investments</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Joint Ventures (Alian&ccedil;a / AIX / ACT)</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other investments</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total investments</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 58%; font-size: 10pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; font-weight: bold; text-align: right">101,302</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; font-weight: bold; text-align: right">355</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; font-size: 10pt; font-weight: bold; text-align: right">101,657</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">Equity&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">752</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">752</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other comprehensive&nbsp;&nbsp;income&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,859</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(17</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,842</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">103,913</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">338</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">104,251</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">Equity&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">734</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">734</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other comprehensive&nbsp;&nbsp;income&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39,008</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">440</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">39,448</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">143,655</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">778</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">144,433</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(12) Property, Plant and Equipment</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">It is measured at acquisition and/or
construction cost, net of accumulated depreciation and/or accumulated impairment losses, if any. Such cost includes the borrowing
costs for long&ndash;term construction projects if the recognition criteria are met and is stated net of ICMS (State VAT) credits,
which were recorded as recoverable taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Asset costs are capitalized until the
asset becomes operational. Costs incurred after the asset becomes operational and that do not improve the functionality or extend
the useful life of the asset are immediately recognized on an accrual basis. When significant parts of fixed assets are required
to be replaced at intervals, the Company recognizes such parts as individual assets with specific useful lives and depreciation.
Likewise, expenses that represent asset improvement (expanded installed capacity or useful life) are capitalized. All the other
repair and maintenance costs are recognized in the statement of income as incurred.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The present value of the expected cost
for the decommissioning of property, plant and equipment items (towers and equipment on leased property) is capitalized at the
cost of the respective asset matched against the provision for dismantling obligations (Note 19) and depreciated over the useful
lives of the related assets, which do not exceed the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Depreciation is calculated by the straight&ndash;line
method over the useful lives of assets at rates that take into account the estimated useful lives of assets based on technical
analyses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The assets&rsquo; residual values, useful
lives and methods of depreciation are reviewed on a yearly basis, adjusted prospectively, if appropriate. Useful lives in terms
of depreciation rates are reviewed annually by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Property, plant and equipment items
are written off when sold or when no future economic benefit is expected from their use or sale. Any gains or losses arising from
write-off (measured as the difference between the net disposal proceeds and the carrying amount) are recognized in the statement
of income in the year in which the asset is written off.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Critical estimates and judgments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The accounting treatment of investment
in fixed assets includes estimating the useful life period for depreciation purposes, particularly for assets acquired in business
combinations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Useful life determination requires estimates
regarding the expected technological developments and alternative uses of assets. The hypotheses related to the technological aspect
and its future development imply a significant level of analysis, considering the difficulties in forecasting the time and nature
of future technological changes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An impairment loss exists when the carrying
amount of an asset or Cash&ndash;Generating Unit (&ldquo;CGU&rdquo;) exceeds its recoverable amount, which is the higher of fair
value less costs to sell and value in use. The calculation of fair value less costs to sell is based on available information from
sales transactions of similar assets or market prices less additional costs to dispose of the asset. The calculation of the value
in use is based on the discounted cash flow model. The recoverable amount is sensitive to the discount rate used in the discounted
cash flow method, as well as the expected future cash receipts and the growth rate used for extrapolation purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company periodically reviews the
performance of the defined CGU in order to identify a possible devaluation. The determination of the recoverable value of the CGU
also includes the use of assumptions and estimates and requires a significant degree of judgment and criterion.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Breakdown and changes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">We present a brief description of the
main items that make up fixed assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Switching and transmission media equipment: </I>Includes switching and control centers, gateway, platforms, base radio station,
microcells, minicells, repeaters, antennas, radios, access networks, concentrators, cables, TV equipment and other switching and
transmission media equipment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Terminal/modem equipment</I>: Includes cellphones and modems (rent and free lease), CPCT, public telephones and other terminal
equipment.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Infrastructure</I>: This includes buildings, elevators, central air conditioning equipment, towers, posts, containers, energy
equipment, land piping, support and protectors, leasehold improvements, etc.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Other fixed asset items</I>: These include vehicles, repair and construction tools and instruments, telesupervision equipment,
IT equipment, testing and measurement equipment, fixtures and other goods for general use.</TD></TR></TABLE>


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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Switching and transmission equipment</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Terminal equipment / modems</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Infrastructure</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Land</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other P&amp;E</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Estimated losses (1)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Assets and facilities under construction</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold">Balances and changes:</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 36%; font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right">24,668,212</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right">2,571,084</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right">3,769,088</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right">314,832</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right">836,107</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right">(156,892</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right">2,112,896</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 7pt; text-align: right">34,115,327</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Initial adoption IFRS 16 effects (2)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">91,836</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">8,526,236</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">8,618,072</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Additions&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">114,517</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">142,975</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,790,185</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">258,854</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(20,465</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">6,576,296</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">8,862,362</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs, net (3)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(17,069</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(268</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(139,857</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(5,735</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,182</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">3,540</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(21,750</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(183,321</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net transfers&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">4,265,573</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,299,368</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">504,010</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">88,100</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(6,242,551</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(85,500</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Transfers of goods destined for <BR> sale (4)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,183</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(248,175</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(30,585</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(67,143</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(340</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(347,426</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Subletting (5)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(10,310</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(10,310</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Depreciation (Note 25)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(3,936,572</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,426,890</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,471,456</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(297,234</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(8,132,152</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Business combinations (Note 1 c)&#9;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">9</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">343</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">10,551</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(691</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">10,212</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">25,185,314</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">2,586,278</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">11,720,064</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">278,512</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">827,053</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(174,508</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">2,424,551</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">42,847,264</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Additions&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">78,021</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">77,933</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">4,517,747</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">195,449</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">5,680,707</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">10,549,857</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs, net (3)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(7,719</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(170</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(306,219</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(5,483</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,870</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">10,751</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(16,533</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(328,243</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net transfers&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">3,850,578</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,276,846</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">341,553</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">20,857</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">4,732</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(5,682,742</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(188,176</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Subletting (5)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,115</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,115</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Capital contribution to CyberCo Brasil (note 1.c)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(5</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(15,553</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(680</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(16,238</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Depreciation (Note 25)&#9;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(4,034,228</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,464,041</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(2,731,627</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(279,860</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(8,509,756</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">25,071,961</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">2,476,846</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">13,539,403</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">273,029</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">745,076</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(159,705</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">2,405,983</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">44,352,593</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Cost&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">83,028,079</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">19,329,470</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">26,269,769</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">278,512</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">5,218,153</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(174,508</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,424,551</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">136,374,026</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Accumulated depreciation&#9;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(57,842,765</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(16,743,192</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(14,549,705</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(4,391,100</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(93,526,762</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">25,185,314</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">2,586,278</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">11,720,064</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">278,512</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">827,053</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(174,508</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">2,424,551</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">42,847,264</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Cost&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">86,709,680</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">20,569,803</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">30,633,254</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">273,029</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">5,380,579</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(159,705</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">2,405,983</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">145,812,623</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Accumulated depreciation&#9;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(61,637,719</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(18,092,957</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(17,093,851</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(4,635,503</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(101,460,030</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">25,071,961</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">2,476,846</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">13,539,403</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">273,029</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">745,076</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(159,705</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">2,405,983</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">44,352,593</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(1)</TD><TD>The Company and its subsidiaries recognized estimated losses and write-offs (when applicable) for potential obsolescence of
materials used for property and equipment maintenance, based on historical experience and expected future use.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(2)</TD><TD>On January 1, 2019, the Company adopted IFRS 16, which requires lessees to recognize assets and liabilities arising from all
leases (except short&ndash;term leases and leases of low&ndash;value assets) in the statement of financial position (Note 20).
Before the leases were recognized under IAS 17 - Leases and classified in accordance with IAS 17 qualitative and quantitative criteria
as operating leases (with lease payments recognized on the straight-line basis) or finance leases. The Company transitioned to
IFRS 16 using the modified retrospective approach. The comparative information for prior-year periods was not restated. The adoption
of this new standard gave rise to right of use assets and the corresponding lease liabilities of R$8,618,072 thousand as of January
1, 2019.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(3)</TD><TD>In infrastructure, includes the amounts of R$288,603 and R$105,952 as of December 31, 2020 and 2019, respectively, referring
to the cancellation of lease agreements.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(4)</TD><TD>Refers to goods sold from the Tambor&eacute; and Curitiba (CIC) data centers, sold to a company controlled by Asterion Industrial
Partners SGEIC, SA, according to the agreement entered into by the Company on May 8, 2019 and concluded with the discharge on July
24, 2019.<BR>
<BR>
It also includes the assets intended for sale, resulting from the agreement entered into by the Company on November 28, 2019, for
the sale of 1,909 structures (rooftops and towers) owned by the Company to Telxius Torres Brasil Ltda (Note 10).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(5)</TD><TD>Refers to the lease for structures (towers and rooftops) in 2020 and for areas in the Curitiba data center in 2019.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Depreciation rates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the years ended December 31, 2020
and 2019, the Company performed valuations of useful lives applied to its property, plant and equipment using the direct comparative
method of market data.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the year ended December 31, 2020,
the results of these evaluations did not indicate the need for changes in useful life and annual depreciation rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the year ended December 31, 2019,
the results of these evaluations indicated the need for changes in the useful life and annual depreciation rates of some items
in the asset classes and, these changes in the accounting estimate, caused an increase in depreciation expenses of R$283,552 in
2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below shows the annual depreciation
rates for the years ended December 31, 2020 and 2019, except for leasing assets (presented in the Note 12.e)..</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 82%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Description</P></TD>
    <TD STYLE="width: 18%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Switching and transmission equipment and media&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2.50% to 25.00%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Terminal equipment / modems (1)&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">6.67% to 66.67%</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Infrastructure&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2.50% to 66.67%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Other P&amp;E assets &#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">10.00% to 25.00%</TD></TR>
</TABLE>
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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>lending handsets, with annual depreciation rates of 25.00% to 50.00%.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">e) Additional information on leases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company recognizes the right&ndash;of&ndash;use
assets on the lease start date (that is, on the date the asset is available for use). The rights of use assets are measured at
cost, less any accumulated depreciation and impairment losses, and adjusted for any new remeasurement of lease liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company acts as a lessee in a significant
number of lease agreements on different assets, such as structures (towers and rooftops) and the respective land where they are
located; sites built in the Built to Suit (&ldquo;BTS&rdquo;) modality for installing antennas and other equipment and means of
transmission; computer equipment; offices, shops and commercial properties. The Company applies a single recognition and measurement
approach for all leases, except for short&ndash;term leases and leases of low value assets, as permitted by IFRS 16.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Below, we present the movement of leases,
already included in the tables for the movement of fixed assets (Note 12.c). This information includes the amounts of leases covered
by IAS 17 and the provision for dismantling for these leases.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Switching and transmission equipment</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Infrastructure</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Annual depreciation rate (%)&#9;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><B>5.00 to 92.31</B></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right"><B>3.13 to 92.31</B></TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-size: 10pt; font-weight: bold; text-align: right">20.00</TD><TD STYLE="width: 1%; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Balances and changes:</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018 (1)&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">186,554</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">189,455</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">10,950</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">386,959</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 0.25in">Initial Adoption in January 1, 2019&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">91,836</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,526,236</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">8,618,072</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 0.25in">Additions&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">107,108</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,696,833</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,803,941</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Subletting (Note 12.c)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,310</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(10,310</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Depreciation (IAS 17)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13,540</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(35,181</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(7,730</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(56,451</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Write-offs, net (IAS 17)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,098</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,098</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Depreciation (IFRS 16)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(25,652</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,857,298</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,882,950</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Cancellation of contracts&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(105,952</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(105,952</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">346,306</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">8,401,685</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">3,220</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">8,751,211</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 0.25in">Additions&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">55,904</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,394,809</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">10,564</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">4,461,277</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Subletting (Note 12.c)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,115</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,115</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Depreciation (IAS 17)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(13,540</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(30,277</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(3,220</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(47,037</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Write-offs, net (IAS 17)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,902</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,902</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Depreciation (IFRS 16)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(30,159</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,148,260</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(183</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(2,178,602</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Cancellation of contracts&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(420</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(288,603</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(289,023</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">358,091</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">10,322,337</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">10,381</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">10,690,809</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Refers to lease amounts covered by IAS 17 and the provision for dismantling for these leases.</TD></TR></TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">f) Property and equipment items pledged in guarantee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, the Company had
property and equipment pledged in guarantee for lawsuits, of R$85,172 (R$81,416 on December 31, 2019).</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">g) Reversible assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The STFC service concession arrangement
establishes that all assets owned by the Company and that are indispensable to the provision of the services described in the arrangement
are considered &ldquo;reversible&rdquo; (returnable to the concession authority). On December 31, 2020, estimated residual value
of reversible assets was R$6,711,435 (R$7,364,456 on December 31, 2019), which comprised switching and transmission equipment and
public use terminals, external network equipment, energy, system and operational support equipment.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(13) Intangible Assets</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Intangible assets acquired separately
are measured at acquisition / construction cost upon their initial recognition. The cost of an intangible asset acquired in a business
combination is its fair value at the acquisition date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">After initial recognition, intangible
assets are stated at acquisition and/or buildup cost, net of amortization and accumulated provision for impairment, where applicable.
Intangible assets generated internally, excluding capitalized development costs, are not capitalized, and the expense is reflected
in the statement of income for the year in which it is incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The useful lives of intangible assets
are considered finite or indefinite.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Intangible assets with finite useful lives are amortized</I> over their economic useful lives under the straight&ndash;line
method and are tested for impairment whenever there is any indication of impairment loss. The amortization period and the amortization
method for an intangible asset with a finite useful life are reviewed on an annual basis.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">Changes in the estimated useful life or the expected
pattern of consumption of future economic benefits embodied in an asset are accounted for by changing the amortization period or
method, as appropriate, and treated as changes in accounting estimates. The amortization expense on intangible assets with finite
lives is recognized in the statement of income in the cost/expense category consistent with the function of the intangible assets.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Intangible assets with indefinite useful lives are not amortized</I>, but are tested for impairment annually, either individually
or at the CGU level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues
to be justifiable. Otherwise, changes in useful life &ndash; from indefinite to finite &ndash; are carried out prospectively. Goodwill
generated upon investment acquisition is treated as an intangible asset with indefinite useful lives.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Gains and losses arising from derecognition
of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and
recognized in the statement of income on disposal.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Critical estimates and judgments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">An impairment loss exists when the carrying
amount of an asset or CGU exceeds its recoverable amount, which is the higher of fair value less costs to sell and value in use.
The calculation of fair value less costs to sell is based on available information from sales transactions of similar assets or
market prices less additional costs to dispose of the asset. The calculation of the value in use is based on the discounted cash
flow model. The recoverable amount is sensitive to the discount rate used in the discounted cash flow method, as well as the expected
future cash receipts and the growth rate used for extrapolation purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company periodically reviews the
performance of the defined CGU in order to identify a possible devaluation in goodwill and other assets. The determination of
the recoverable value of the CGU to which the goodwill is attributed also includes the use of assumptions and estimates and requires
a significant degree of judgment and criterion.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The accounting treatment of the investment
in intangible assets includes making estimates to determine the useful life for amortization purposes, particularly for assets
acquired in business combinations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The determination of the useful lives
requires estimates in relation to the expected technological evolution and the alternative use of the assets. Hypotheses related
to the technological aspect and its future development imply a significant degree of analysis, since the timing and nature of future
technological changes are difficult to predict.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Breakdown and changes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A brief description of the key intangible
asset items with finite useful lives, is as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Software:</I> This includes licenses for software used in the Company&rsquo;s operating, commercial and administrative activities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Customer portfolio and trademarks:</I> This includes intangible assets acquired through business combination.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I><U>Licenses:</U></I> These include concession and authorization licenses, acquired from ANATEL for provision of telecommunication
services. These also include licenses from business combinations.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Indefinite useful life</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="31" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Finite useful life</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Goodwill</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Software</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Customer portfolio</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Trademarks</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Licenses</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Other intangible assets</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Estimated losses for software</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Software under development</TD><TD STYLE="font: bold 6.5pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 6.5pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Balances and changes:</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 37%; font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">23,062,421</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">3,245,042</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">1,429,274</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">989,410</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">13,056,137</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">49,523</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">(499</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">389,677</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 7pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-size: 7pt; text-align: right">42,220,985</TD><TD STYLE="width: 1%; font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Additions&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">374,690</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,390,731</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,765,421</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs, net (1)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(3,249</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(5,066</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(58</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(8,373</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net transfers&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,314,978</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(6</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,229,472</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">85,500</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Transfers of goods destined for sale (2)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,537</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,537</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Business combinations (Note 1 c)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">596</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">596</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Amortization (Note 25)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,234,949</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(500,441</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(84,205</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(964,316</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(3,729</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,787,640</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">23,059,172</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">3,693,754</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">928,833</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">905,205</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">12,091,821</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">45,730</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(499</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">550,936</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">41,274,952</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Additions (3)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">526,112</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">184,300</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(12,230</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,174,282</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,872,464</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs, net (1)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(32,743</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(220</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(32,963</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net transfers&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,211,314</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(1,023,138</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">188,176</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Capital contribution to CyberCo Brasil <BR> (note 1.c)&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,770</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(2,770</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Amortization (Note 25)&#9;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(1,420,757</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(295,267</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(84,205</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(914,411</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(3,102</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(2,717,742</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">23,026,429</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">4,007,433</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">633,566</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">821,000</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">11,361,710</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">42,628</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(12,729</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">702,080</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">40,582,117</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Cost&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">23,059,172</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">18,310,812</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">4,513,278</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,658,897</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">20,244,219</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">270,000</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(499</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">550,936</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">68,606,815</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Accumulated amortization&#9;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(14,617,058</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(3,584,445</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(753,692</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(8,152,398</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(224,270</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(27,331,863</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">23,059,172</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">3,693,754</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">928,833</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">905,205</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">12,091,821</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">45,730</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(499</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">550,936</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">41,274,952</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; text-indent: -9.35pt; padding-left: 9.35pt">Cost&#9;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">23,026,429</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">20,069,371</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">4,513,278</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">1,658,897</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">20,428,520</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">269,640</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">(12,729</TD><TD STYLE="font-size: 7pt; text-align: left">)</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">702,080</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt">&nbsp;</TD>
    <TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 7pt; text-align: right">70,655,486</TD><TD STYLE="font-size: 7pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 7pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Accumulated amortization&#9;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(16,061,938</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(3,879,712</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(837,897</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(9,066,810</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(227,012</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: right">(30,073,369</TD><TD STYLE="border-bottom: Black 1pt solid; font: 7pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">23,026,429</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">4,007,433</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">633,566</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">821,000</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">11,361,710</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">42,628</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">(12,729</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">702,080</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: right">40,582,117</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 7pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(1)</TD><TD>Refers to proportional write-offs refer to: (i) R$32,743 from the disposal of CyberCo Brasil&rsquo;s investment (Note 1.c);
and (ii) R$3,249, made in July 2019, resulting from the sale of the Tambor&eacute; and Curitiba (CIC) data centers, pursuant to
paragraph 86 of IAS 36.</TD></TR></TABLE>

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

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(2)</TD><TD>Refers  to transfers of assets
from the Tambor&eacute; and Curitiba (CIC) data centers, sold for the amounts of R$419,690 to a company controlled by Asterion
Industrial Partners SGEIC, SA, pursuant to an agreement entered into by the Company on May 8, 2019 and concluded. with the settlement
on July 24, 2019.</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(3)</TD><TD>The addition into licenses,
occurred in 2020, refers to the extension of the authorization for the right to use radio frequencies for the exploitation of SMP
in the State of Rio de Janeiro, granted by ANATEL on November 29, 2020 (Note 1.b)</TD></TR></TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 3.5pt 0.15in; text-indent: -0.15in"></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Amortization rates</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below shows the annual amortization
rates for the years ended December 31, 2020 and 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 82%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Description</P></TD>
    <TD STYLE="width: 18%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Softwares&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">20.00 % to 50.00 %</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Customer portfolio&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">12.50%</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Trademarks&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">7.70%</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Licenses&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">3.60% to 6.67%</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Other intangible assets&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">20.00%</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">e) Goodwill</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">e.1) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Business combinations are accounted
for using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, recorded
at fair value on the acquisition date, and the fair value of any non-controlling interest in the acquiree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For each business combination, the Company
measures non-controlling interests in the acquiree either at its fair value or based on its proportional share in the identifiable
net assets of the acquiree. Costs directly attributable to an acquisition are recorded as expenses, as incurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Upon acquiring a business, the Company
assesses financial assets acquired and liabilities assumed so as to classify and allocate them in accordance with contractual terms,
economic circumstances and relevant conditions on the acquisition date, including the segregation, by the acquiree, of embedded
derivatives existing in host contracts in the acquiree.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the event a business combination
is conducted in stages, the ownership interest previously held in the acquiree&rsquo;s capital is reassessed at fair value on the
date control is acquired, and any impacts are recognized in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Any contingent portion to be transferred
by the acquirer shall be recognized at fair value on the acquisition date. Subsequent changes in the fair value of the contingent
portion to be considered as an asset or liability is recognized in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Goodwill is initially measured as excess
transferred payment amount in relation to acquired net assets (identifiable net assets acquired, and liabilities assumed). If consideration
is lower than the fair value of acquired net assets, the difference must be recognized as a gain in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">After initial recognition, goodwill
is measured at cost, less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business
combination is, from the acquisition date, allocated to the CGUs that are expected to benefit from the combination, irrespective
of whether other assets or liabilities of the acquiree are assigned to those units.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When goodwill has been allocated to
a CGU and part of the operation within that CGU is disposed that, the goodwill associated with that operation is included in the
carrying amount of the operation when determining the gain or loss on disposal. Goodwill disposed in these circumstances is allocated
based on the relative fair values of the disposed operation and the portion of the CGU retained.</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">e.2) Goodwill breakdown</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below shows the composition
of the goodwill recorded by the Company as of December 31, 2020 and 2019.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">GVT Participa&ccedil;&otilde;es, occurred in 2015&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">12,837,141</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">12,837,141</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Vivo Participa&ccedil;&otilde;es, occurred in 2011 (1)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,124,496</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,157,239</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&ocirc;nica Televis&atilde;o Participa&ccedil;&otilde;es, former Navytree, occurred in 2008&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,693</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">780,693</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Spanish e Figueira, by the merger of Telef&ocirc;nica Data Brasil Holding <BR> (TDBH) in 2006&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,058</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212,058</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Santo Genovese Participa&ccedil;&otilde;es, Atrium Telecomunica&ccedil;&otilde;es, which took <BR> place in 2004&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,892</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">71,892</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Ajato Telecomunica&ccedil;&atilde;o Ltda.&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">149</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">149</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,026,429</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">23,059,172</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>The proportional write-offs refer to: (i) R$32,743 from the disposal of CyberCo Brasil&rsquo;s investment (Note 1.c) in 2020;
and (ii) R$3,249, made in July 2019, resulting from the sale of the Tambor&eacute; and Curitiba (CIC) data centers in 2019, pursuant
to paragraph 86 of IAS 36.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(14) Impairment of Non-Financial
Assets</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company annually reviews the net
carrying amount of assets in order to evaluate events or changes in economic, operating or technological circumstances that may
indicate impairment losses. When such evidence is found, and net carrying amount exceeds recoverable amount, a provision for impairment
is recorded so as to adjust the net carrying amount to the recoverable amount. The recoverable amount of an asset or a CGU is defined
as the higher of value in use and net sales value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Considering the convergence of product
and service offerings, in addition, the Company&rsquo;s main operating asset is a single, broadly integrated network, which is
used to provide all telecommunications services to its customers, therefore, the Company defines your business as a single CGU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Upon estimation of the value in use
of an asset or cash&ndash;generating unit, estimated future cash flows are discounted at present value using a discount rate Weighted
Average Cost of Capital &ldquo;WACC&rdquo; which reflects the weighted rate between (i) the cost of capital (including specific
risks) based on the Capital Asset Pricing Model; and (ii) the debt these components being applicable to the asset or CGU before
taxes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The net fair value of sales is determined,
whenever possible, based on recent market transactions between knowledgeable and interested parties with similar assets. In the
absence of observable transactions in this regard, an appropriate valuation methodology is used. The calculations provided in this
model are corroborated by available fair value indicators, such as prices quoted for listed entities, among other available indicators.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For assets excluding goodwill, an assessment
is made at each reporting date as to whether there is any indication that previously recognized impairment losses may no longer
exist or may have decreased. If the indication exists, the Company estimates the recoverable amount of the asset or the CGU.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A previously recognized impairment
loss is reversed only if there has been a change in the assumptions used to determine an asset&rsquo;s or CGU recoverable amount
since the last impairment loss was recognized. Any reversal is limited so that the carrying amount of the asset does not exceed
its recoverable amount or exceeds the carrying amount that would have been determined, net of depreciation, had no impairment
loss been recognized for the asset in prior years. Such reversal is recognized in the statement of income.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following assets have specific characteristics
for impairment testing:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Goodwill:</I> Goodwill is tested for impairment annually at the reporting date or earlier when circumstances indicate that
the carrying amount may be impaired. Where the recoverable amount is lower than the carrying amount, an impairment loss is recognized.
Impairment losses relating to goodwill cannot be reversed in future periods.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Intangible assets: </I>Intangible assets with indefinite useful lives are tested for impairment annually at the reporting
date either individually or at the CGU level, as appropriate, and when circumstances indicate that the carrying amount may be impaired.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Determination of value in use: </I>The key assumptions used to estimate value in use are: (i) revenues (projected considering
the growth in customer base, growth in market revenue against GDP and the Company&rsquo;s share of this market); (ii) variable
costs and expenses (projected in accordance with the dynamics of the customer base, and fixed costs are projected in line with
the historical performance of the Company, as well as with revenue growth); and (iii) capital investments (estimated considering
the technological infrastructure necessary to enable the provision of services).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Key assumptions used in the calculation of value
in use:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The value in use is mainly impacted
by the following assumptions:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Revenue growth:</I> is based on the observation of the historical behavior of each revenue line, as well as trends based
on market analysis. The projected revenue differs between product lines and services with a tendency of growth in broadband services,
IPTV and IT compared to voice services (fixed). Mobile revenues follow the market trend, including a new mix between prepaid, post
and control, migrations from prepaid to post and control, price convergence and growth in data and M2M.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Discount rate: </I>represents the assessment of risks in the current market. The calculation of the discount rate is based
on the Company&rsquo;s specific circumstances and being calculated based on the WACC. The WACC takes into account both debt and
equity. The cost of equity is derived from the expected return on investment by Company investors. The cost of debt is based on
loans with interest income that the Company is obliged to honor. The specific risk segment is incorporated by applying individual
notably Beta factors.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Perpetuity growth rate</I> reflects the Company&rsquo;s condition to generate cash flow in an eternal manner. The percentage
considered mainly takes into account investments over the projected period and reproduces the Company&rsquo;s condition in perpetuity.</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Sensitivity to changes in assumptions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company carries out a sensitivity
analysis of the impairment test by considering reasonable changes in the main assumptions used in such test.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table shows the increases
in/decreases in the percentage points (p.p) which were assumed for the years ended December 31, 2020 and 2019:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 86%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Changes
        in key assumptions</P></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">In
        percentage points (p.p)</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Financial variables&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Discount rate&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">+/&ndash; 0.5</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Perpetuity growth rates&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">+/&ndash; 1.0</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Operating variables&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 86%; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Revenues Margin&#9;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">+/&ndash; 1.5</TD></TR>
</TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The sensitivity analysis performed at
year&ndash;end 2020 and 2019 indicates that there are no significant risks arising from possible changes in the financial and operating
variables, considered individually. In other words, the Company considers that within the above limits, no losses would be recognized.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Goodwill impairment testing</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Annually, the Company assesses recoverability
of goodwill carrying amounts based on the value in use and discounted cash flow method.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The process for determination of the
value in use involves the use of assumptions, judgments and estimates on cash flows, such as revenue, cost and expense growth rates,
estimated future investments and working capital and discount rates. The assumptions about cash flow increase projections are based
on management&rsquo;s estimates, market studies and macroeconomic projections. Future cash flows are discounted at the WACC rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Consistent with the economic analysis
techniques, the assessment of value in use is made for a period of five years, and thereafter, considering the perpetuity of the
assumptions based on the capacity of business continuity for an indefinite time. Management considered that the period of five
years is adequate, based on its past experience in preparing cash flow projections.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The growth rate used to extrapolate
projections beyond the five years period was 4.5% p.a. (nominal) in 2020 and 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The estimated future cash flows were
discounted at a discount rate of 11.11% and 10.22%, which before taxes are 12.54% and 11.38% in 2020 and 2019, respectively, also
in nominal values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The inflation rate for the period analyzed
in the projected cash flows was 3.5% p.a. and 3.8% p.a. in 2020 and 2019, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Key assumptions were based on the Company&rsquo;s
historical performance and reasonable macroeconomic assumptions grounded on financial market projections, documented and approved
by the Company&rsquo;s management.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Based on annual impairment testing of
the Company&rsquo;s assets, prepared using projections considering the financial statements on December 31, 2020 and 2019, growth
projections and operating results for the year ended December 31, 2020 and 2019, no impairment losses or evidence of losses were
identified, since the value was in use is higher than the net carrying amount as at the assessment date.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(15) Personnel, Social Charges
and Benefits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Salaries, remunerations and profit sharing
are negotiated in collective bargaining agreements, with the corresponding social charges and contributions added by the accrual
basis. The profit&ndash;sharing program for employees is based on the Company&rsquo;s operating and financial goals, and a provision
is recognized when the assumptions for its accounting are satisfied.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Details of Telef&oacute;nica&rsquo;s
share-based compensation plans are described in Note 29. In 2020, due to the cycle maturity of some plans, amounts were transferred
from non-current to current.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Personnel costs and expenses, social
charges and benefits are recorded as cost of services provided, commercial expenses or general and administrative expenses (Note
25).</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Breakdown</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Social charges and benefits&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">350,138</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">400,470</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Profit sharing&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285,079</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">308,918</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Share-based payment plans (Note 29)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">86,296</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40,523</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Salaries and wages&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">46,495</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">38,363</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">768,008</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">788,274</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">764,329</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">752,246</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,679</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">36,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(16) Trade Accounts Payable</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These are obligations to pay for goods,
services or goods that were acquired in the normal course of business. They are initially recognized at fair value and subsequently
measured at amortized cost using the effective tax rate method, if applicable.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Breakdown</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Sundry suppliers (Opex, Capex, Services e Material)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5,741,208</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5,958,280</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Related parties (Note 28)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489,339</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">405,271</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Amounts payable (operators, cobilling)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">199,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">232,264</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Interconnection / interlink&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">182,895</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">275,984</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,613,004</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">6,871,799</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(17) Taxes, Charges and Contributions</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-indent: -9.35pt; padding-left: 9.35pt">Fistel (1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">671,145</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">ICMS&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">861,464</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">906,447</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">PIS and COFINS&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">221,323</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">331,863</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Fust and Funttel&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">88,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,394</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">ISS, CIDE and other taxes&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">84,772</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">97,163</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,926,792</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,424,867</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,607,434</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,139,812</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">319,358</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">285,055</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>On April 15, 2020, provisional measure 952 was published in the Official Gazette (&ldquo;DOU&rdquo;), extending the deadline
for payment of Fistel from March 31, 2020 to August 31, 2020, with no impact additional penalty or interest. On August 12, 2020,
the Company made a partial payment of R$416,475. The balance refers to the residual payment which has been suspended according
to the decision of the Federal Regional Court of the First Region, published on March 18, 2020.</TD></TR></TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(18) Dividends and Interest on
Equity</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.1) Dividends</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Minimum mandatory dividends are stated
in the balance sheet as legal obligations (provision in current liabilities). Dividends in excess of such minimum amount, not yet
approved in the Shareholders&rsquo; Meeting, are recorded in equity as proposed additional dividends. After approval at the Shareholders&rsquo;
Meeting, the dividends in excess of the mandatory minimum are transferred to current liabilities and classified as legal obligations.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.2) Interest on equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Brazilian legislation allows companies
to pay interest on equity, which is similar to payment of dividends; however, this is deductible for income tax calculation purposes.
In order to comply with Brazilian tax legislation, the Company and its subsidiaries provision, in its accounting records, the amount
due to match against the financial expenses account in the statement of income for the year. For the presentation of these financial
statements, that expense is reversed against a direct charge to equity, resulting in the same accounting treatment adopted for
dividends. The distribution of interest on equity to shareholders is subject to withholding income tax at a 15% rate.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.3) Unclaimed dividends and interest
on equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The rights to receive unclaimed interest
on equity and dividends prescribe after three years from the initial date available for payment. When dividends and interest on
equity expire, these amounts are reversed to retained earnings.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Dividends and interest on equity payable</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.1) Breakdown:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Latinoam&eacute;rica Holding&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">837,113</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">787,823</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,021,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">948,662</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">SP Telecomunica&ccedil;&otilde;es Participa&ccedil;&otilde;es&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">660,012</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">598,064</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Chile&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,849</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,667</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Non-controlling interest&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,345,550</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,251,201</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,865,998</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,587,417</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.2) Changes:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 74%; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 12%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">4,172,916</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Supplementary dividends for 2018&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,468,684</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interim interest on equity (net of IRRF)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,199,800</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Unclaimed dividends and interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(82,898</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payment of dividends and interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,176,842</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">IRRF on shareholders exempt/immune from interest on equity&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">5,757</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,587,417</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Supplementary dividends for 2019&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,195,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interim interest on equity (net of IRRF) and dividends&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,435,500</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Unclaimed dividends and interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(99,788</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payment of dividends and interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,259,367</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">IRRF on shareholders exempt/immune from interest on equity&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,661</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,865,998</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For purposes of the cash flow statement,
interest on equity and dividends paid to shareholders are recognized in &ldquo;Financing Activities&rdquo;.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(19) Provision and Contingencies</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Provision is recognized when the Company
has a present obligation (legal or constructive) as a result of a past event, when it is probable that economic benefits are required
to settle the obligation and a reliable estimate of the value of the obligation can be made. Provision is restated at the balance
sheet date considering the likely amount of loss and the nature of each provision.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Provision amounts for contingencies
are presented at their gross amount, less the corresponding judicial deposits, and are classified as provision for civil, labor,
tax and regulatory contingencies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Judicial deposits are classified as
assets given that the conditions required for their net presentation with provision do not exist.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Provision for civil, labor, tax and regulatory
legal claims</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries are
parts to administrative; labor, tax, civil and regulatory claims, and accounting provision amounts have been recorded in respect
of claims whose likelihood of loss was classified as probable. The assessment of the likelihood of loss includes an analysis of
available evidence, the hierarchy of laws, available case law, the latest court decisions law and their relevance in the legal
system, as well as the opinion of outside legal counsel. Provision is reviewed and adjusted considering changes in existing circumstances,
such as the applicable statute of limitations, tax audit conclusions, or additional exposures identified based on new matters or
court decisions.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Provision for decommissioning of assets</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Refers to costs to be incurred due to
returning sites to owners (locations intended for tower and equipment installation on leased property) in the same condition as
these were found at the time of execution of the initial lease agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These costs are provisioned as the present
value from amounts expected to settle the obligation using estimated cash flows and they are recognized as part of the cost of
the corresponding asset. The cash flows are discounted at a current pre&ndash;tax rate that reflects the risks specific to decommissioning
of assets. The financial effect of the discount is recorded as incurred and recognized in the statement of income as a finance
cost. The estimated future costs of decommissioning are reviewed annually and adjusted as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Changes in the estimated future costs
or in the discount rate applied are added to, or deducted from, the cost of the asset.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Contingent liabilities recognized in a
business combination</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A contingent liability recognized in
business combination is initially measured at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Refers to contingent liabilities from
the Purchase Price Allocation (PPA) on acquisition of the controlling interest of Vivo Participa&ccedil;&otilde;es in 2011 and
GVTPart. in 2015.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Critical estimates and judgments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The obligation arising from the provisions
can be legal or constructive, derived from, among other factors, regulations, contracts, customary practices or public commitments
that expose third parties to a valid expectation that the Company or its subsidiaries will assume certain responsibilities. The
determination of the provision is based on the best estimate of the disbursement required to settle the corresponding obligation,
considering the information available as at the closing date, including the opinion of independent experts, such as legal advisors.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Information on provisions and contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Breakdown of changes in provision for
cases in which an unfavorable outcome is probable, in addition to contingent liabilities and provision for decommissioning are
as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="19" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Provisions for contingencies</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Labor</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Tax</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Civil</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Regulatory</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Contingent liabilities (PPA)</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Provision for de&ndash;commissioning</TD><TD STYLE="font: bold 7pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 7pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 44%; font-size: 8pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; font-weight: bold; text-align: right">779,686</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; font-weight: bold; text-align: right">1,951,897</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; font-weight: bold; text-align: right">1,004,803</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; font-weight: bold; text-align: right">1,022,216</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; font-weight: bold; text-align: right">827,275</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; font-weight: bold; text-align: right">673,448</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; font-size: 8pt; font-weight: bold; text-align: right">6,259,325</TD><TD STYLE="width: 1%; font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Initial adoption IFRC 23 <BR> (Note 7)&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(68,945</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(68,945</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Additions (reversal), net<BR> (Note 26)&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">152,105</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">32,719</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">364,008</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">93,634</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(16,986</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(90,159</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">535,321</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other additions (reversal) (1)&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(5,709</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(2,381</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(4,191</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(12,281</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs due to payment&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(485,539</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(364,992</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(833,579</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(43,068</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(1,727,178</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest accruals&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">99,526</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">25,270</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">264,590</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">72,954</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">21,433</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">57,591</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">541,364</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Business combinations <BR> (Note 1 c)&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">7,805</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">7</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">7,812</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">547,874</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">1,575,949</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">797,448</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">1,145,736</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">831,722</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">636,689</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: right">5,535,418</TD><TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Additions (reversal), net <BR> (Note 26)&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">126,167</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">122,419</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">374,464</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">69,486</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(18,631</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(7,306</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">666,599</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other additions (reversal) (1)&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">6,390</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(6,020</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(236,598</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(236,228</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs due to payment&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(287,028</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(24,763</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(575,484</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(39,782</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">(927,057</TD><TD STYLE="font-size: 8pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Interest accruals&#9;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">106,307</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">125,647</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">281,543</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">31,891</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">10,154</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">15,857</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 8pt Times New Roman, Times, Serif; text-align: right">571,399</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">499,710</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">1,799,252</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">871,951</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">1,207,331</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">823,245</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">408,642</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: right">5,610,131</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 8pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">236,130</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">113,307</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">25,008</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">374,445</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">311,744</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,575,949</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">684,141</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,120,728</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">831,722</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">636,689</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,160,973</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">176,582</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">180,965</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">60,055</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">51</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">417,653</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">323,128</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,799,252</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">690,986</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">1,147,276</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">823,245</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">408,591</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">5,192,478</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 8pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Provision for decommissioning refers to the reversal resulting from the review of costs for dismantling technical sites. The
effects of this reversal were recognized against property, plant and equipment.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.1) Labor provision and contingencies</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Amounts
        involved</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 76%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Nature/Degree
        of Risk</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2020</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2019</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Provisions&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">499,710</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">547,874</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Possible losses&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,435,790</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">452,070</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Labor provision and contingencies involve
lawsuits filed by former employees and outsourced employees (the latter involving subsidiary or joint liability) claiming for,
among other issues, overtime, salary equalization, post-retirement benefits, allowance for health hazard and risk premium, and
matters relating to outsourcing. The variation of R$983,720 in possible contingencies was due to new actions and revaluations that
occurred in the period, due to the progress of the lawsuits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company is also a defendant in lawsuits
filed by retired former employees, linked to the Retirement Medical Assistance Plan (&ldquo;PAMA&rdquo;), which require, among
other things, the annulment of changes in the medical plan. There are currently four actions underway with this object. All are
in an advanced stage, awaiting judgment by the Superior Courts, two of which remain in the Labor Court and two have been referred
to the Civil Court, with</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">favorable decisions. The Company&rsquo;s management, based
on the opinion of its legal advisors and recent court rulings, considers these actions to be of possible risk. No amount was attributed
to these actions due to the nature of the requests (cancellation of changes to health plans), since, at this moment, in the event
of loss, there is no way to estimate the loss for the Company. Therefore, no loss amounts were provisioned for these lawsuits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, the Company is a party
to Public Civil Actions filed by the Public Prosecution Service. In August 2018, the majority of the Federal Supreme Court (&ldquo;STF&rdquo;)
Ministers ruled the outsourcing to be legally valid, including core activities, enabling the subsidiary to provide services. As
a result of this decision, most of the Public Civil Actions have already had decisions based on the legality of outsourcing in
the analyzed contract and the consequent filing of the processes. However, awaiting judgment of the motion for clarification to
clarify the scope of said decision, including for cases that have already been res judicata, an opportunity in which the application
of said decision will be evaluated in each of the residual processes in which the topic is discussed. In view of these considerations,
there are still no conditions to estimate amounts or possible losses for the Company.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.2) Tax provision and contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries are
defending various assessments filed by the Federal Revenue of Brazil (&ldquo;RFB&rdquo;) for alleged incorrect deductions of expenses,
mainly related to the amortization of goodwill, at various administrative and judicial levels. Management, supported by the position
of its legal advisors, believes that a large part of these deductions will probably be accepted in decisions of higher courts of
last resort (acceptance probability greater than 50%).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For cases in which the Company and its
subsidiaries believe that the probability of acceptance by the tax authority is less than 50% a provision is recognized. Details
of above cases are disclosed in Note 7 (d).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amounts involved</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Nature/Degree of Risk</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-indent: -9.35pt; padding-left: 9.35pt">Provisions&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,799,252</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,575,949</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Federal&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">622,246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">573,229</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">State&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">625,019</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">466,164</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Municipal&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">37,506</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">FUST&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">514,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">501,641</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Possible losses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">29,368,422</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">26,104,867</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Federal&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,257,998</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,233,733</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">State&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,447,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,460,028</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Municipal&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">754,827</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">669,114</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 0.25in">FUST, FUNTTEL and FISTEL&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,908,597</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,741,992</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.2.1) Tax provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Management, under advice of legal counsel,
believes that the following losses are probable in the federal, state, municipal and regulatory (FUST) tax proceedings:</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Federal taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and/or its subsidiaries
are party to administrative and legal proceedings at the federal level relating to: (i) claims for the non-ratification of compensation
and refund requests formulated; (ii) IRRF and CIDE on remittances abroad related to technical and administrative assistance and
similar services, as well as royalties; (iii) withholding income tax on interest on equity; (iv) Social Investment Fund (Finsocial)
offset amounts; (v) additional charges to the PIS and COFINS tax base, as well as additional charges to COFINS required by Law
No. 9,718/98; and (vi) ex&ndash;tariff, cancellation of the benefits under CAMEX Resolution No. 6, increase in the import duty
from 4% to 28%.</P>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">State taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and/or its subsidiaries
are party to administrative and judicial proceedings at the state level relating to ICMS, regarding: (i) disallowance credits;
(ii) non-taxation of alleged telecommunications services; (iii) tax credit for challenges/disputes over telecommunication services
not provided or wrongly charged (Agreement 39/01); (iv) rate differential; (v) leasing of infrastructure for internet services
(data); (vi) outflows of goods with prices lower than those of acquisition; and (vii) non-taxation discounts to customers.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Municipal taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and/or its subsidiaries
are party to municipal tax proceedings, at the judicial level, relating to: (i) Property tax (&ldquo;IPTU&rdquo;); (ii) Services
tax (&ldquo;ISS&rdquo;) on equipment leasing services, non-core activities and supplementary activities; and (iii) withholding
of ISS on contractors&rsquo; services.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">FUST</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and/or its subsidiaries
have judicial proceedings related to the non-inclusion of interconnection expenses and industrial exploitation of a dedicated line
in the calculation basis of FUST.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.2.2) Possible losses &ndash; tax contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Management, under advice of legal counsel,
believes that the risk of loss from the following federal, state, municipal and regulatory (FUST, FUNTTEL and FISTEL) are possible:</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Federal taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and/or its subsidiaries
are party to administrative and judicial proceedings, at the federal level, which are awaiting decision at different court levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The more significant of these proceedings
are: (i) dissatisfaction from failure to approve requests for compensation submitted by the Company; (ii) INSS (a) on compensation
payment for salary losses arising from the &ldquo;<I>Plano Ver&atilde;o</I>&rdquo; and the &ldquo;<I>Plano Bresser</I>&rdquo;;
(b) SAT, social security amounts owed to third parties (INCRA and SEBRAE); (c) meals to employees, withholding of 11% (assignment
of workforce); (d) Stock Options &ndash; requirement of social security contributions on amounts paid to employees under the stock
option plan; and (e) PLR (iii) deduction of COFINS on swap operation losses; (iv) PIS and COFINS: (a) accrual basis versus cash
basis; (b) levies on value&ndash;added services; and (c) monthly subscription services; (v) IPI levied on shipment of fixed access
units from the Company&rsquo;s establishment; (vi) Financial transaction tax (IOF) &ndash; on loan transactions, intercompany loans
and credit transactions; and (vii) IRRF on capital gain on the sale of the GVT Group to the Company (included in the 2020 financial
year).</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">State taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and/or its subsidiaries
are party to administrative and judicial proceedings, at the state level, related to ICMS, which are awaiting decision in different
court levels: (i) rental of movable property; (ii) reversal of previously unused credits; (iii) service provided outside S&atilde;o
Paulo state paid to S&atilde;o Paulo state; (iv) co&ndash;billing; (v) tax substitution with a fictitious tax base (tax guideline);
(vi) use of credits on acquisition of electric power; (vii) secondary activities, value added and supplementary services; (viii)
tax credits related to claims/challenges regarding telecommunications services not provided or mistakenly charged (Agreement 39/01);
(ix) deferred collection of interconnection (&ldquo;DETRAF&rdquo; &ndash; Traffic and Service Provision Document); (x) credits
derived from tax benefits granted by other states; (xi) disallowance of tax incentives related to cultural projects; (xii) transfers
of assets among business units owned by the Company; (xiii) communications service tax credits used in provision of services of
the same nature; (xiv) card donation for prepaid service activation; (xv) reversal of credit from return and free lease in connection
with assignment of networks (used by the Company itself and exemption of public bodies); (xvi) DETRAF fine; (xvii) own consumption;
(xviii) exemption of public bodies; (xix) discounts granted; (xx) new tax register bookkeeping without prior authorization by
tax authorities; (xxi) advertising services; (xxii) unmeasured services; and (xxiii) monthly subscription, which is in the STF
with declaration liens and the Company awaits the judgment of the STF on the request for modulation.</P>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Municipal taxes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and/or its subsidiaries
are party to administrative and judicial proceedings, at the municipal level, which are awaiting decision at different court levels.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The more significant of these proceedings
are: (i) ISS on: (a) non-core activity, value&ndash;added and supplementary services; (b) withholding at source; (c) call identification
and mobile phone licensing services; (d) full&ndash;time services, provision, returns and cancelled tax receipts; (e) data processing
and antivirus; (f) charge for use of mobile network and lease of infrastructure; (g) advertising services; and (h) services provided
by third parties; (ii) IPTU; (iii) land use tax; and (iv) various municipal charges.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">FUST, FUNTTEL and FISTEL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><U>Universal Telecommunications Services
Fund (&ldquo;FUST&rdquo;)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Writs of mandamus were filed seeking
the right to exclude revenues from interconnection and Industrial Use of Dedicated Line (&ldquo;EILD&rdquo;) in the FUST tax base,
according to Abridgment No. 7 of December 15, 2005, as it does not comply with the provisions contained in the sole paragraph of
Article 6 of Law No. 9,998/00, which are awaiting a decision from Higher Courts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Various administrative and judicial
charges by ANATEL in administrative scope for the constitution of the tax credit related to interconnection, EILD and other revenues
that do not originate from the provision of telecommunication services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, the consolidated
amount involved totaled R$4,399,325 (R$4,411,759 on December 31, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><U>Fund for Technological Development
of Telecommunications (&ldquo;FUNTTEL&rdquo;)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Proceedings have been filed for the
right not to include interconnection revenues and any others arising from the use of resources that are party of the networks in
the FUNTTEL calculation basis, as determined by Law 10,052/00 and Decree No. 3,737/01, thus avoiding improper application of Article
4, paragraph 5, of Resolution 95/13.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There are several notifications of charges
from the Ministry of Communications in administrative actions for constitution of the tax credit related to the interconnection,
network resources and other revenues that do not originate from the provision of telecommunication services.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, the consolidated
amount involved totaled R$764,655 (R$723,105 on December 31, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><U>Telecommunications Inspection Fund
(&ldquo;FISTEL&rdquo;)</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There are judicial actions for the collection
of TFI on: (i) extensions of the term of validity of the licenses for use of telephone exchanges associated with the operation
of the fixed switched telephone service; and (ii) extensions of the period of validity of the right to use radiofrequency associated
with the operation of the telephone service personal mobile service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, the consolidated
amount involved totaled R$2,744,617 (R$2,607,128 on December 31, 2019).</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.3) Civil provision civil contingencies</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Amounts
        involved</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Nature/Degree
        of Risk</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2020</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2019</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Provisions&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">871,951</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">797,448</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Possible losses&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">3,374,200</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">3,495,010</TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.1) Civil provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Management, under advice of legal counsel,
believes that the following civil proceedings will result in probable losses:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company is a party to proceedings involving rights to the supplementary amounts from shares calculated on community telephony
plants and network expansion plans since 1996 (supplement of share proceedings). These proceedings are at different stages: lower
courts, court of justice and high court of justice. On December 31, 2020, the consolidated amount involved totaled R$290,993 (R$297,641
on December 31, 2019).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company and/or its subsidiaries are party to various civil proceedings related to consumerist at the administrative and
judicial level, relating to the non-provision of services and/or products sold. On December 31, 2020, the consolidated amount involved
totaled R$240,810 (R$211,865 on December 31, 2019).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company and/or its subsidiaries are party to various civil proceedings of a non-consumer nature at administrative and judicial
levels, all arising in the ordinary course of business. On December 31, 2020, the consolidated amount involved totaled R$340,148
(R$287,942 on December 31, 2019).</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.2) Possible losses &ndash; civil contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Management, under advice of legal counsel,
believes that losses are possible from the following civil proceedings:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Collective Action filed by SISTEL Participants&rsquo; Association (&ldquo;ASTEL&rdquo;) in the state of S&atilde;o Paulo, in
which SISTEL associates in the state of S&atilde;o Paulo challenge the changes made in the PAMA and claim for the reestablishment
of the prior &ldquo;status quo&rdquo;. This proceeding is still in the appeal phase and awaits a decision on the Interlocutory
Appeal filed by the Company against the decision on possible admission of the appeal to higher and supreme courts filed in connection
with the Court of Appeals&rsquo; decision, which partially changed the decision rendering the matter groundless. In parallel, the
parties formulated an agreement, filed though pending court approval. The amount cannot be estimated, and the claims cannot be
settled due to their unenforceability because it entails the return to the prior plan conditions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Public Civil Action proposed by the National Federation of Associations of Retirees, Pensioners and Participants in Pension
Funds in the Telecommunications Sector (&ldquo;FENAPAS&rdquo;), in which ASTEL is an assessor against Sistel, the Company and other
operators, to annul the spin&ndash;off of the PBS pension plan. The action is claiming, in summary, the &ldquo;dismantling of the
supplementary pension system of Funda&ccedil;&atilde;o Sistel&rdquo;, which originated several specific PBS mirror plans, and corresponding
allocations of resources from the technical surplus and tax contingency existing at the time of the spin&ndash;off. After upholding
the lawsuit in the first degree and confirming the sentence at the appellate level, the Company filed an appeal for clarification.
Concurrently, the National Superintendence of Complementary Social Security (&ldquo;PREVIC&rdquo;) intervened in the process, which
caused the case to be sent to the Federal Court. The process is awaiting receipt at the Federal Court. No value has been determined
nor orders settled due to their unenforceability as it involves a return to SITEL&rsquo;s spun&ndash;off collection related to
telecommunications operators of the former Telebr&aacute;s System.</TD></TR></TABLE>


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<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company and its subsidiaries are party to other civil claims, at several levels, related to service rendering rights. Such
claims have been filed by individual consumers, civil associations representing consumer rights or by the Bureau of Consumer Protection
(&ldquo;PROCON&rdquo;), as well as by the Federal and State Public Prosecutor&rsquo;s Office. The Company is also party to other
claims of several types related to the ordinary course of business. On December 31, 2020, the consolidated amount totaled R$3,374,200
(R$3,495,010,626 on December 31, 2019).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Intellectual Property: Lune Projetos Especiais Telecomunica&ccedil;&atilde;o Com&eacute;rcio e Ind. Ltda. (&ldquo;Lune&rdquo;),
a Brazilian company, filed lawsuits on November 20, 2001 against 23 wireless carriers claiming to own the patent for a caller ID
and the trademark &ldquo;Bina&rdquo;. The purpose of the lawsuit was to interrupt provision of such service by carriers and to
seek indemnification equivalent to the amount paid by consumers for using the service.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.5in">An unfavorable decision was handed down determining
that the Company should refrain from selling mobile phones with the Bina ID service, subject to a daily fine of R$10 (ten thousand
reais) in the event of non-compliance. Furthermore, according to that decision, the Company must pay indemnification for royalties,
to be calculated on settlement. Motions for Clarification were proposed by all parties and Lune&rsquo;s motions for clarification
were accepted since an injunctive relief in this stage of the proceedings was deemed applicable. A bill of review appeal was filed
in view of the current decision which granted a stay of execution suspending that unfavorable decision until final judgment of
the review. A bill of review was filed in view of the sentence handed down on September 30, 2016, by the 4th Chamber of the Court
of Justice of the Federal District, in order to annul the lower court sentence and remit the proceedings back to the lower court
for a new examination, which is ongoing. Management is unable to reasonably estimate the liability with respect to this claim as
the expertise is in its early stages.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company and other wireless carriers are currently defendants in two class actions brought by the Public Prosecutor&rsquo;s
Office and consumer associations challenging the defined period for use of prepaid minutes. The plaintiffs allege that the prepaid
minutes should not expire after a specific period. Conflicting decisions were handed down by courts on the matter, even though
the Company believes that its criteria for the period determination comply with ANATEL standards. In relation to these two ongoing
lawsuits, there are appeals pending judgment by the Regional Federal Court (&ldquo;TRF&rdquo;) and the Superior Tax Court (&ldquo;STJ&rdquo;)
filed by the opposing parties, due to the favorable decision obtained by the Company. The other lawsuits, already closed, had decisions
in favor of the interests of the Company that have been final and unappealable.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.4) Regulatory provision and contingencies</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Amounts
        involved</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 78%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Nature/Degree
        of Risk</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2020</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2019</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Provisions&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,207,331</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,145,736</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Possible losses&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">5,617,806</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">5,645,107</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.4.1) Regulatory provisions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Management, under advice of legal counsel,
believes the likelihood of loss of the following regulatory proceedings is probable:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company is a party to administrative
proceedings initiated mainly by ANATEL on the grounds of alleged non-compliance with obligations in the sectoral regulations, as
well as in lawsuits that discuss, in the great majority, sanctions applied by ANATEL at the administrative level.</P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.4.2) Possible losses &ndash; regulatory contingencies</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Management, under advice of legal counsel
believes the likelihood of loss of the following regulatory proceedings is possible:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company is a party to administrative
proceedings filed by ANATEL (other agents, including other operators, also have claims against the Company) alleging non-compliance
with the obligations set forth in industry regulations, as well as legal claims which discuss the mostly sanctions applied by ANATEL
at the administrative level.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Significant cases with possible risks
in the regulatory contingency portfolio include:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Administrative and legal proceedings that discuss how ANATEL calculates the amount of the charge due to the extension of the
radio frequencies associated with the SMP. In the view of the Agency, the calculation of encumbrances should consider the application
of a percentage of 2% over the entire economic benefit resulting from the provision of the STFC / SMP service. In the Company&rsquo;s
view, however, revenues that are not part of the STFC / SMP service plans, as defined by the regulations at the time of signing
the authorization terms / concession contracts, should not be considered when calculating the burden. Because of differences in
interpretation, the Company filed administrative claims and lawsuits to challenge ANATEL charge collections.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>In May 2018, the Company filed a lawsuit to annul ANATEL final decision, of March of the same year, in the records of the Procedure
for Determining Noncompliance with Obligations (&ldquo;PADO&rdquo;) for alleged violations of the fixed telephony regulation. The
principal amount of the fine imposed by ANATEL, and object of the lawsuit, totals R$211,576. On December 31, 2020 and 2019, amount
including interest and indexation accruals was approximately R$485,828 and R$475,151, respectively. The Company believes that the
fine imposed is illegal and not due based, fundamentally, on the following defense arguments: (i) ANATEL&rsquo;s error in determining
the universe of users considered in the fine (the number of users affected is less than that considered by the ANATEL) and; (ii)
the calculation of the penalty is disproportionate and without foundation. The lawsuit is in the lower court and currently awaits
judgment, after the Company presents an expert report to support arguments to reduce the fine.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Arbitration Procedure No. 24690 / PFF is in progress, which is being processed at the International Chamber of Commerce (&ldquo;CCI&rdquo;).
The procedure was proposed by &ldquo;Nextel Telecomunica&ccedil;&otilde;es Ltda.&rdquo; for &ldquo;Telef&ocirc;nica Brasil S.A.&rdquo;,
and addresses divergence in Industrial Exploration and Network Sharing Contracts (Ran Sharing) signed between the parties. On December
31, 2020, the amount of the procedure is estimated at R$257,653. The parties entered into an agreement involving the issues in
dispute and are awaiting approval of the agreement by the Arbitral Tribunal</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Guarantees</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries granted
guarantees for tax, civil, labor and regulatory proceedings, as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Judicial deposits and garnishments&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">2,944,378</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">3,670,885</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">Letters of guarantee&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,509,089</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">2,608,463</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Property and equipment&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">85,172</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">81,416</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">5,538,639</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">6,360,764</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, in addition to
the guarantees presented above, the Company and its subsidiaries had amounts under short&ndash;term investment withheld by courts
(except for loan&ndash;related investments) in the consolidated amount of R$46,280 (R$50,554 on December 31, 2019).</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(20) Loans, Financing, Debentures
and Leases</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a) Accounting policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These are financial liabilities measured
initially and recognized by fair value, net of costs incurred to obtain them and subsequently measured by amortized cost (plus
pro&ndash;rata charges and interest), considering the effective interest rate of each operation, or by fair value through profit
or loss.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">They are classified as current unless
the Company has the unconditional right to settle the liability for at least 12 months after the closing date of the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Borrowing costs directly related to
the acquisition, construction or production of an asset that necessarily requires more than 18 months to be completed for use or
sale purposes are capitalized as part of the cost of the corresponding asset. The Company did not capitalize borrowing and financing
costs and debentures due to the absence of qualifying assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">All other costs of loans, financing,
debentures and leases are recorded in expense in the period in which they are incurred. The costs of loans, financing and debentures
comprise interest and other costs incurred.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Breakdown</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD COLSPAN="4" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Information
        on December 31, 2020</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2020</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 6%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Currency</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Annual
        interest rate</P></TD>
    <TD STYLE="width: 6%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Maturity</P></TD>
    <TD STYLE="text-align: center; width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 6pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Guarantees</P></TD>
    <TD STYLE="text-align: right; width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 6pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Current</P></TD>
    <TD STYLE="text-align: center; width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 6pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Non-current</P></TD>
    <TD STYLE="text-align: center; width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 6pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Total</P></TD>
    <TD STYLE="text-align: center; width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 6pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Current</P></TD>
    <TD STYLE="text-align: center; width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 6pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Non-current</P></TD>
    <TD STYLE="text-align: center; width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 6pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Total</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 0pt; line-height: normal; font-size: 8pt; text-align: left"><FONT STYLE="font-size: 7pt"><B>Financial institutions (b.1)</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: center; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>61</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>51</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>112</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>23,865</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>24,985</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>48,850</B></P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.2in; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">PSI&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">2.5% to 5.5%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">Jan&ndash;23</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">(1)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">61</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">51</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">112</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">8,847</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">112</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">8,959</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.2in; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">BNB&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">7.06% to 10%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">Aug&ndash;22</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">15,018</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">24,873</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">39,891</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 4.5pt; line-height: normal; font-size: 8pt; text-indent: -4.5pt"><FONT STYLE="font-size: 7pt"><B>Suppliers (b.2)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>R$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>114.6% to 149.0% of CDI</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Dec&ndash;21</B></FONT></TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>375,700</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>&ndash;</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>375,700</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>996,177</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>97</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>996,274</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.5pt; line-height: normal; font-size: 8pt; text-indent: -4.5pt"><FONT STYLE="font-size: 7pt"><B>Debentures (b.3)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,044,668</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>999,908</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,044,576</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>1,077,183</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,027,167</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>3,104,350</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.2in; padding-left: 4.5pt; line-height: normal; font-size: 8pt; text-indent: -4.5pt"><FONT STYLE="font-size: 7pt">1st issue &ndash; Minas Comunica&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">IPCA+0.50%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">Jul&ndash;21</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">29,352</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">29,352</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">28,366</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">28,366</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">56,732</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.2in; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">5th issue&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">108.25% of CDI</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">Feb&ndash;22</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">1,015,316</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">999,908</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">2,015,224</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">44,504</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">1,998,801</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">2,043,305</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.2in; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">6th issue&#9;</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">R$</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">100% of CDI + 0.24%</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">Nov&ndash;20</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt">(3)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: right">&ndash;</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,004,313</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,004,313</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.5pt; line-height: normal; font-size: 8pt; text-indent: -4.5pt"><FONT STYLE="font-size: 7pt"><B>Leases (b.4)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>R$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>7.69% / IPCA</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,262,043</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>8,556,735</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>10,818,778</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>2,029,265</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>7,161,886</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt"><B>9,191,151</B></FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-left: 4.5pt; line-height: normal; font-size: 8pt; text-indent: -4.5pt"><FONT STYLE="font-size: 7pt"><B>Contingent consideration (b.5)&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>R$</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: center"><FONT STYLE="font-size: 7pt"><B>Selic</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&ndash;</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>&ndash;</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>&ndash;</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>&ndash;</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>484,048</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>484,048</B></P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 4.5pt; line-height: normal; font-size: 8pt; text-indent: -4.5pt"><FONT STYLE="font-size: 7pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: center; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 1.5pt double; font: 7pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>3,682,472</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>9,556,694</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>13,239,166</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>4,126,490</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>9,698,183</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>13,824,673</B></P></TD></TR>
</TABLE>
<!-- Field: Rule-Page --><DIV STYLE="margin: 1pt 5.5in 1pt 0in"><DIV STYLE="font-size: 1pt; border-top: Black 0.5pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">Guarantees:</TD><TD></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(1)</TD><TD>Pledge of financed assets.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(2)</TD><TD>Bank guarantee provided by Banco Safra in an amount equivalent to 100% of the outstanding financing debt balance. Setting up
a liquidity fund represented by financial investments in the amount equivalent to three installments of repayment referenced to
the average post-grace period performance. On December 31, 2019, the balance of this liquidity fund was R$13,212.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 7pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 3.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.15in">(3)</TD><TD>Unsecured.</TD></TR></TABLE>

<P STYLE="font: 8pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.1) Loans and financing &ndash; Financial
Institutions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Some financing agreements with the financial
institutions have lower interest rates than those prevailing in the market. These operations fall within the scope of IAS 20 and
therefore the subsidies granted up to December 31, 2017 were adjusted to present value and deferred in accordance with the useful
lives of the financed assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The grants on January 1, 2018 adjusted
to present value, were recorded in property, plant and equipment and are being depreciated according to the useful lives of the
financed underlying assets.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.2) Financing &ndash; Suppliers</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under bilateral agreements with suppliers,
the Company obtained extension of the terms for payment of trade accounts payable at a cost based on the fixed CDI rate for the
corresponding periods, with the net cost equivalent to between 114.6% to 149.0% of the CDI (109.2% to 122.5% of the CDI on December
31, 2019).</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.3) Debentures</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a summary of the debentures
in effect on December 31, 2020.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Amounts</P></TD>
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Issue</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Issued</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Outstanding</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Issue
        value</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">1st issue &ndash; Minas Comunica&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Dec-07</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">5,550</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">5,550</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">55,500</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">5th issue&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Feb-17</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">200,000</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">200,000</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,000,000</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The payment of principal of R$1,000,000
plus interest on the 5th issue (VIVT15) occurred on February 8, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Transaction costs in connection with
the 5<SUP>th</SUP> issue, totaling R$1,376 on December 31, 2020 (R$2,550 on December 31, 2019, with the 5<SUP>th</SUP> and 6th
issues), were treated as a reduction of liabilities as costs to be incurred and are recognized as financial expenses, according
to the contractual terms of each issue.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.4) Leases</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On the lease start date, the Company
recognizes lease liabilities measured at the present value of lease payments to be made during the lease term. After the start
date, the value of the lease liability is increased to reflect the increase in interest and reduced for lease payments made.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Short&ndash;term lease and low&ndash;value
lease payments are recognized as an expense using the straight&ndash;line method over the lease term.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company has agreements classified
as lease agreements as a lessee: (i) lease of structures (towers and rooftops) arising from sale and leaseback transactions; (ii)
lease of Built to Suit (&ldquo;BTS&rdquo;) sites to install antennas and other equipment and transmission facilities; (iii) lease
of information technology equipment and; (iv) lease of infrastructure and transmission facilities associated with the power transmission
network, offices, stores and commercial properties. The net carrying amount of the assets has remained unchanged until sale thereof,
and a liability is recognized corresponding to the present value of mandatory minimum installments as per the agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Below, we present the balances of the
lease amounts payable:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-indent: -9.35pt; padding-left: 9.35pt">Nominal value payable&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">13,526,001</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">10,932,789</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Unrealized financial expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,707,223</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,741,638</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Present value payable (1)&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,818,778</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">9,191,151</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,262,043</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,029,265</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,556,735</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,161,886</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>On December 31, 2020 and 2019, the present value of balances payable, included R$1,470,508 and R$480,381, respectively, referring
to lease agreements with Telef&oacute;nica Group companies (Note 28).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a schedule of the amounts
payable on leases on December 31, 2020:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 85%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Year</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; width: 15%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2021&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,262,043</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2022&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,270,112</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2023&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,118,655</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2024&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,551,657</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2025&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">925,972</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2026 onwards&#9;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,690,339</P></TD></TR>

<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="width: 85%; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="width: 15%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>10,818,778</B></P></TD></TR>
</TABLE>
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The weighted annual interest rate on
lease contracts on December 31, 2020 is 7.69%, with an average maturity of 6.15 years.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The present value of lease agreements
is measured by discounting future fixed payment flows, which do not include projected inflation, at market interest rates, estimated
using the Company&rsquo;s intrinsic risk spread.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The discount curves used are constructed
based on observable data. Market interest rates are extracted from B3 and the Company&rsquo;s risk spread is estimated from debt
securities issued by companies with comparable risk. The final discount curve reflects the Company&rsquo;s incremental loan interest
rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">There were no unsecured residual values
resulting in benefits to the lessor or contingent payments recognized as revenue on December 31, 2020 and 2019.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.5) Contingent consideration</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As part of the Purchase and Sale Agreement
and Other Covenants executed by and between the Company and Vivendi to acquire all shares in GVTPart., a contingent consideration
relating to the judicial deposit made by GVT for the monthly installments of deferred income tax and social contribution on goodwill
amortization was agreed, arising from the corporate restructuring process completed by GVT in 2013. If these funds are realized
(being reimbursed, refunded, or via netting), it would be returned to Vivendi, as long as they are obtained in a final unappealable
decision. The deadline for this return was up to 15 years and this amount was subject to monthly restatement at the SELIC rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On July 13, 2020, the 2nd Federal Court
of Maring&aacute; &ndash; PR, issued an order determining the transfer to the Company of the judicial deposit made by the former
GVT, corresponding to the tax benefit of goodwill from the mergers of subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As a result of the decision mentioned
above, in September 2020, the Company redeemed the judicial deposit and paid Vivendi the amount of R$349,794, monetarily restated,
net of costs, expenses and taxes incurred, directly attributable to the reimbursement of such amount.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Repayment schedule</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Below, we present the breakdown by year
of maturity of non-current amounts of loans, financing, debentures and leases as of December 31, 2020.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 36%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Year</P></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Loans
        and financing &ndash; financial institutions</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Financing
        &ndash; suppliers</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Debentures</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Leases</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">2022&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">47</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">999,908</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,270,112</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">3,270,067</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">2023&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">4</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,118,655</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,118,659</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">2024&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,551,657</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,551,657</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">2025&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">925,972</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">925,972</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">2026 onwards&#9;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,690,339</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,690,339</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>51</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>&ndash;</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>999,908</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>8,556,735</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>9,556,694</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Covenants</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Loans and financing with financial institutions
and debentures carry specific covenants involving a penalty in the event of breach of contract. A breach of contract as provided
for in the agreements with the institutions listed above in item a), is characterized as non-compliance with covenants (analyzed
on a quarterly, half&ndash;yearly or yearly basis), being a breach of a contractual clause, resulting in the early maturity of
the contract.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020 and 2019, the Company
was in compliance with all economic and financial indices.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">e) Changes</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Changes in loans and financing, debentures,
leases agreements and contingent considerations are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Loans and financing</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Debentures</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Leases</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financing &ndash; suppliers</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Contingent consideration</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">1,582,570</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">3,173,910</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">393,027</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">524,244</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">465,686</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">6,139,437</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Initial adoption IFRS 16 on January 1, 2019&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,618,072</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,618,072</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Additions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,803,941</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">967,313</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,771,254</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Government grants (Note 21)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,787</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,787</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Financial charges (Note 27)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111,013</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">197,386</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">457,985</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">45,940</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,362</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">830,686</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Issue costs&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,400</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,400</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Foreign exchange variation<BR> &nbsp;(Note 27)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,104</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,104</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs (cancellation of contracts)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(107,213</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(107,213</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs (payments)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,659,416</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(268,346</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,974,661</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(541,223</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(4,443,646</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">48,850</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,104,350</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,191,151</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">996,274</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">484,048</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">13,824,673</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Additions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,828,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,199,080</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Financial charges (Note 27)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,879</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">87,635</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">526,127</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,620</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,555</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">648,816</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Issue costs&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,376</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,376</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Costs and expenses incurred&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40,708</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(40,708</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs (cancellation of contracts)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(315,291</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(315,291</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs (payments)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(50,617</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,148,785</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(3,411,751</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,017,732</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(449,895</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,078,780</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">112</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,044,576</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,818,778</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">375,700</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">13,239,166</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">f) Additions and payments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a summary of the inflows
and payments that occurred during the years ended December 31, 2020 and 2019.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 7.5pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Write-offs (payments)</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Write-offs (payments)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial charges</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additions</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Principal</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial charges</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 28%; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Loans and financing&#9;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font-weight: bold; text-align: right">(48,645</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font-weight: bold; text-align: right">(1,972</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font-weight: bold; text-align: right">(50,617</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font-weight: bold; text-align: right">(1,564,258</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font-weight: bold; text-align: right">(95,158</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 6%; font-weight: bold; text-align: right">(1,659,416</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">BNDES / PSI&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,849</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(111</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,960</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,549,335</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(91,939</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,641,274</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">BNB&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(39,796</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,861</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,657</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,923</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,219</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(18,142</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Deb&ecirc;ntures&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,025,583</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(123,202</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,148,785</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(66,830</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(201,516</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(268,346</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">1st issue &ndash; Minas Comunica&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,583</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,995</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,578</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(25,583</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,761</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(27,344</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">4th issue&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,247</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,650</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(42,897</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">5th issue&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88,819</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88,819</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(135,242</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(135,242</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">6th issue&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,000,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,388</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,032,388</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62,863</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62,863</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Financing &ndash; Suppliers&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">370,538</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(970,029</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(47,703</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,017,732</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">967,313</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(506,407</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(34,816</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(541,223</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Contingent consideration&#9;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(344,217</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(105,678</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(449,895</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Leases (1)&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,828,542</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,909,214</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(502,537</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,411,751</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">10,422,013</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,559,165</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(415,496</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(1,974,661</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,199,080</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,297,688</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(781,092</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(6,078,780</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">11,389,326</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(3,696,660</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(746,986</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,443,646</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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<P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0 0 3.5pt 0.15in; text-indent: -0.15in">(1) Additions include the amount
of the initial adoption of IFRS 16 on January 1, 2019.</P>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(21) Deferred Income</P>



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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>
<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Contractual liabilities (costumers contracts) (1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">529,179</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">499,035</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Disposal of PP&amp;E (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">107,367</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">94,383</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Government grants (3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">50,474</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,613</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other (4)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">59,224</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">63,051</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">746,244</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">718,082</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506,806</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">506,181</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239,438</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">211,901</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Refers to the balance of contractual liabilities of customers, deferred when they relate to performance obligations satisfied
over time.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Includes the net balances of the residual values from sale of non-strategic towers and rooftops, transferred to income as the
conditions for recognition are met.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>This refers to: i) government subsidy arising from funds obtained from credit lines to be used in the acquisition of domestic
equipment, which have been amortized over the useful life cycle of the equipment; and ii) subsidies arising from projects related
to state taxes, which are being amortized over the contractual period.</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: -0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The amount estimated by the Company
as received by employees as emergency benefits paid directly to employees, by the Federal Government (MP No. 936), in the amount
of R$34,590, for the months of May to December 2020, deducted from personnel costs and expenses (Note 25).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Changes in contractual liabilities (contracts
with customers), mainly related to the sale of prepaid credits in the years ended December 31, 2020 and 2019:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 10%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 18%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">532,207</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Additions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,762,607</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs, net&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,795,779</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">499,035</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Additions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,901,785</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Write-offs, net&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,871,641</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">529,179</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">479,728</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,451</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Below, we present the expected periods
of realization of contractual liabilities.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 89%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Year</P></TD>
    <TD STYLE="padding: 1pt 2.9pt 2pt; width: 11%; line-height: 9pt; font-size: 8pt; text-align: right; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2021&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">479,728</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2022&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">15,824</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2023&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">3,499</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2024&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">8,089</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2025&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">8,089</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2026 onwards&#9;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">13,950</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>529,179</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(22) Other Liabilities</P>



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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Surplus from post-employment benefit plans (Note 30)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">954,581</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">1,155,067</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Liabilities with ANATEL (1)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">523,606</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">300,119</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Third-party withholdings (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">219,169</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">222,056</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Amounts to be refunded to customers&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">44,973</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,794</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Liabilities with related parties (Note 28)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">33,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">30,114</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other liabilities&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">48,646</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">36,781</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,824,806</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,787,931</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">406,831</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">365,192</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Non-current&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,417,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,422,739</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes the cost of renewing STFC and SMP licenses and SMP licenses and the extension of the authorization to use radio frequencies
for the exploitation of SMP in the State of Rio de Janeiro, granted by ANATEL on November 29, 2020 (Notes 1.b and 12).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>This refers to payroll withholdings and taxes withheld from pay&ndash;outs of interest on equity and on provision of services.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(23) Equity</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a.1) Conversion of preferred shares to common shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">At the Extraordinary General Meeting
(&ldquo;AGE&rdquo;) of the Company, held on October 1, 2020, the following were approved: (i) the conversion of the total of 1,119,340,706
(one billion, one hundred and nineteen million, three hundred and forty thousand, seven hundred and six) preferred shares issued
by the Company in common, registered, book&ndash;entry shares with no par value, in the proportion of 1 (one) common share for
each 1 (one) preferred share converted, with extinction of the preferred shares (&ldquo;Conversion&rdquo;); (ii) the amendment
and / or exclusion of article 4, caput and paragraphs, article 5, caput, article 7, caput and single paragraph, article 9, caput
and single paragraph, article 10, caput and items (i), (ii ) and (iii) and article 14, caput, of the Company&rsquo;s Bylaws; and
(iii) the consolidation of the Company&rsquo;s Bylaws.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Also, on October 1, 2020, AGESP ratified:
(i) the Conversion; and (ii) the amendment to article 9, caput and sole paragraph, of the Company&rsquo;s Bylaws, pursuant to article
136, first paragraph, of Law 6,404 / 76 (&ldquo;Lei das S.A.&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to articles 136, items II and
137, item I, of the Brazilian Corporation Law, in view of the ratification of the Conversion by AGESP, the shareholders holding
preferred shares issued by the Company who: (i) dissented from the resolution taken at AGESP; (ii) abstained from voting on the
resolution taken at AGESP; or (iii) did not attend AGESP, had the right to withdraw from the Company, through the reimbursement
of the value, of all or part of their shares, except for the provisions of article 137, third paragraph, of the Brazilian Corporation
Law. the publication of the minutes took place on October 2, 2020, and the next subsequent business day was October 5, 2020, the
period of 30 (thirty) days for exercising the withdrawal right started on October 5, 2020 (inclusive) and ended on November 3,
2020 (inclusive).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The shareholders who, evidently, were
holders of shares issued by the Company since March 9, 2020 (inclusive), the date of the disclosure of the Material Fact that initially
dealt with the Conversion, were able to exercise the right of withdrawal exercise of the effective right.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The amount of reimbursement per preferred
share paid as a result of exercising the right to withdraw was determined based on (i) the Company&rsquo;s shareholders&rsquo;
equity in the financial statements for the fiscal year ended on December 31, 2019, duly approved by the General Meeting Company&rsquo;s
Ordinary Meeting held on May 28, 2020 (&ldquo;AGM&rdquo;); and (ii) the number of common and preferred shares, excluding treasury
shares, corresponded to R$41.72 (forty&ndash;one reais and seventy&ndash;two cents) per share. The amount equivalent to the amount
of complementary dividends declared by the Company at the AGM was deducted from the reimbursement value per share, since the declared
dividends amounted to the profit account and, therefore, the book value per share on December 31, 2019 Considering that the Company&rsquo;s
share capital was divided into 1,688,693,776 (one billion, six hundred and eighty&ndash;eight million, six hundred and ninety&ndash;three
thousand, seven hundred and seventy&ndash;six) shares (including common and preferred shares and excluding treasury shares), the
reimbursement amount to be paid to dissenting shareholders, corresponding to the adjusted shareholders&rsquo; equity, was R$40.38
(forty reais and thirty&ndash;eight cents) per preferred share. Regarding the reimbursement amount, there was no type of monetary
correction or adjustment on this amount, as well as any fractions of cents were disregarded.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As a result of the right to withdraw
from the Conversion described above, on November 19, 2020, the Company paid R$32 to shareholders who exercised the right to withdraw,
representing 805 preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On November 23, 2020, the Company issued
a material fact, communicating to its shareholders and the market in general that, as of this date: (i) the preferred shares issued
by the Company will no longer be traded, due to the conversion of the all preferred shares in common shares; and (ii) only common
shares of its issue will be traded, under the ticker &ldquo;VIVT3&rdquo;. With the completion of the aforementioned share conversion,
the Company proceeded with the conversion of the American Depositary Receipt (ADR) program registered with the Securities and Exchange
Commission (&ldquo;SEC&rdquo;), and it is expected that, as of this date, the Stock Exchange of New York (&ldquo;NYSE&rdquo;) suspend
the trading of ADRs backed by preferred shares and start trading ADRs backed by common shares in the &ldquo;when issued&rdquo;
format under the ticker &ldquo;VIV WI&rdquo; and, from November 30, 2020 , in the &ldquo;regular way&rdquo; format, under the &ldquo;VIV&rdquo;
ticker.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the effective implementation of
the conversion of shares, a voting agreement was signed between the shareholders Telef&oacute;nica S.A., Telef&oacute;nica Latinoam&eacute;rica
Holding, S.L., SP Telecomunica&ccedil;&otilde;es Participa&ccedil;&otilde;es Ltda. and, as the consenting intervening party, the
Company, in order to comply with the provisions of items a.1 and a.2 of ANATEL Judgment 430, of August 11, 2020.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a.2) Capital</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to its Articles of Incorporation,
the Company is authorized to increase its share capital up to 1,850,000,000 common shares. The Board of Directors is the competent
body to decide on any increase and consequent issue of new shares within the authorized capital limit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Brazilian Corporation Law (Law n&ordm;
6404/76, Article 166, item IV) &ndash; establishes that capital may be increased by means of a Special Shareholders&rsquo; Meeting
Resolution by modifying the Articles of Incorporation, if the authorized capital increase limit has been reached.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The shareholders will have preemptive
rights to subscribe for a capital increase, in proportion to the number of shares they own. By resolution of the Board of Directors,
the preemptive right in the issuance of shares, convertible debentures and subscription bonus, whose placement may be made through
sale on the Stock Exchange or public subscription, exchange for shares in a public offer for acquisition may be excluded control,
under the terms of articles 257 and 253 of the Corporation Law, as well as, enjoy tax incentives, under the terms of special legislation,
as provided for in article 172 of the Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Subscribed and paid&ndash;in capital
on December 31, 2020 and 2019 amounted to R$63,571,416.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">After the processes of: (i) conversion
of preferred shares into common shares; (ii) share buyback program; and (iii) exercise of the right to dissent from the conversion
of preferred shares into common shares, on December 31, 2020 the capital started to be represented by shares, all common, book&ndash;entry
and without par value, distributed as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Shareholders</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Number</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Controlling Group&#9;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,244,241,119</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; border-bottom: Black 1pt solid; font-weight: bold; text-align: right">73.58</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left; width: 1%">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Latinoam&eacute;rica Holding, S.L.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">407,279,213</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">24.09</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">503,329,803</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">29.76</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">SP Telecomunica&ccedil;&otilde;es Participa&ccedil;&otilde;es&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332,695,590</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19.67</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Chile&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">936,513</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">0.06</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other shareholders&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">443,933,052</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">26.25</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Treasury Shares&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,810,752</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">0.17</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Total shares&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,690,984,923</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100.00</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Treasury Shares&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,810,752</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total shares outstanding&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,688,174,171</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Capital reserves</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.1) Special goodwill reserve</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This represents the tax benefit generated
by the merger of Telefonica Data do Brasil Ltda. which will be capitalized in favor of the controlling shareholders (SP Telecomunica&ccedil;&otilde;es
Participa&ccedil;&otilde;es) after the tax credits are realized under the terms of CVM Ruling No. 319/99.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The balance of this account on December
31, 2020 and 2019 totaled R$63,074.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.2) Other capital reserves</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The breakdown on December 31, 2020 and
2019 was as follows.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Excess of the value in the issue or capitalization, in relation to the basic value of the share on the issue date (1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,735,930</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">2,735,930</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cancelation of treasury shares according to the Special Shareholders&rsquo; Meeting&nbsp;&nbsp;(SGM) of 3/12/15 (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(112,107</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(112,107</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Direct costs of capital increases (3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62,433</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62,433</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Incorporation of shares of GVTPart. (4)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,188,707</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,188,707</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Effects of the acquisition of Lemontree and GTR by Company and Tglog by TData (5)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75,388</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75,388</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Preferred shares delivered referring to the judicial process of expansion plan (6)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Effects of the acquisition of Terra Networks by TData (7)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(59,029</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(59,029</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Effects of the acquisition of TIS by Terra Networks (8)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,135</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,135</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Effects of the acquisition and sale of CyberCo Brasil (9)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,521</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">76</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">76</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,229,730</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,190,209</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>It referes the excess of the value in the issue or capitalization, in relation to the basic value of the share on the issue
date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>The cancellation of 2,332,686 shares issued by the Company, held in treasury, approved at the Special Shareholders&rsquo; Meeting
held on March 12, 2015.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The value refers direct costs (net of taxes) of Company capital that increased on April 30,2015, arising from the Primary Offering
of Shares.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>The value refers the difference between the economic values that comes from the merger of shares owned by GVTPart, issued on
the transaction closing date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Regarding the effects of the acquisition of shares of non-controlling shareholders that, with the adoption of IFRS 10, 35 and
36. It would be recorded in equity when there is no change in the shareholding control.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(6)</TD><TD>It refers about the effects of write-offs due to the transfer of 62 preferred shares in treasury to outstanding shares, for
compliance with judicial process decisions in which the Company is involved regarding rights to the complementary receipt of shares
calculated in relation to network expansion plans after 1996.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(7)</TD><TD>The effects refer the acquisition of Terra Networks by TData, related to the difference between the consideration given in
exchange for the equity interest obtained and the value of the net assets acquired.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(8)</TD><TD>The effects refer the acquisition of TIS by Terra Networks, related to the difference between the consideration given in exchange
for the equity interest obtained and the value of the net assets acquired (Note 1 c).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(9)</TD><TD>Refers to the effects on the Company and on a subsidiary, due to the acquisition and sale of CyberCo Brasil, referring to the
difference between the consideration received in exchange for the alienated shareholding (Note 1.c).</TD></TR></TABLE>

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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">b.3) Treasury shares</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These are equity instruments that are
repurchased and recognized at cost and deducted from shareholders&rsquo; equity. No gain or loss is recognized in the statement
of income on the purchase, sale, issue or cancellation of the equity instruments of the Company. Any difference between the book
value and the consideration is recognized in other capital reserves.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s shares held in treasury
whose balance is resulting: (i) from the exercise of the right to withdraw from the Company&rsquo;s common and preferred shareholders,
who expressed their dissent regarding the acquisition of GVTPart.; (ii) the exercise of the right to withdraw from the holders
of preferred shares of the Company who expressed their dissent from the process of converting the Company&rsquo;s preferred shares
into common shares; (iii) the acquisition of preferred shares in the financial market in accordance with the share buyback program;
and (iii) transfers of preferred shares, related to compliance with court decisions in which the Company is involved, which deals
with rights to the complementary receipt of shares calculated in relation to network expansion plans after 1996.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">During the year of 2020, 519,605 shares
were acquired, of which 232,805 preferred shares and 286,800 common shares, in the total amount of R$22,721, resulting from the
right of withdrawal in the conversion of preferred shares to common shares and through the Share Repurchase Program of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The balance of this account on December
31, 2020 totaled R$110,541, consisting of 2,810,752 common shares (on December 31, 2019 totaled R$87,820, consisting of 2,290,164
common shares and 983 preferred shares).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Income reserves</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.1) Legal Reserve</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This reserve is obligatorily constituted
by the Company on the basis of 5% of net income for the year, up to 20% of the paid&ndash;in capital stock. The legal reserve may
only be used to increase share capital and to offset accumulated losses.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.2) Expansion and Modernization Reserve</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This reserve is constituted based on
the capital budget, whose purpose is to guarantee the expansion of the network capacity to meet the Company&rsquo;s increasing
demand and guarantee the quality of service rendering. In accordance with Article 196 of Law No. 6404/76, the capital budget will
be submitted for appreciation and approval by the Annual Shareholders&rsquo; Meeting. On May 28, 2020, the Company&rsquo;s Annual
General Meeting (&ldquo;AGM&rdquo;) approved the allocation of the result for the 2019 fiscal year, including the reversal of the
2018 reserve in the amount of R$1,700,000 and the constitution of a new 2019 reserve in the amount of R$600,000. In 2020, the 2019
reserve was reversed in the amount of R$600,000, which will be submitted for appreciation and approval by the AGM, scheduled to
be held on April 15, 2021.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.3) Tax Incentives</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company has State VAT (ICMS) tax
benefits in the states of Minas Gerais and Esp&iacute;rito Santo, relating to tax credits approved by the relevant bodies of said
states, in connection with investments in the installation of SMP support equipment, fully operational, in accordance with the
rules in force, ensuring that the localities listed in the call for bid be included in the SMP coverage area. The portion of profit
subject to the incentive was excluded from dividend calculation and may be used only in the event of capital increase or loss
absorption.</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt"></P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.4) Changes of income reserves</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The amounts of the income reserves are
distributed as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Legal reserve</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Expansion and Modernization Reserve</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Tax incentives</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 38%; font-weight: bold; text-align: left"><B>Balance on December 31, 2018&#9;</B></TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">2,584,757</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">1,700,000</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">39,413</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-weight: bold; text-align: right">4,324,170</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">Reversal of reserves&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,700,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,700,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">Recording of reserves&#9;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">250,051</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">600,000</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,166</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">868,217</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left"><B>Balance on December 31, 2019&#9;</B></TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,834,808</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">600,000</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">57,579</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,492,387</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">Reversal of reserves&#9;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(600,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(600,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: left">Recording of reserves&#9;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">238,526</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,766</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">257,292</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left"><B>Balance on December 31, 2020&#9;</B></TD><TD STYLE="padding-bottom: 2.5pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,073,334</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">76,345</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,149,679</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Dividend and interest on equity (IOE)</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">d.1) Additional dividends proposed for
2019</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On May 28, 2020, the AGM approved the
allocation of proposed additional dividends for 2019, not yet distributed, amounting to R$2,195,575 to the holders of common and
preferred shares that were registered in the Company&rsquo;s records at the end of the day of the Ordinary General Meeting. The
amount was paid on December 9, 2020.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">d.2) Remuneration to shareholders</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The dividends are calculated in accordance
with the Company Articles of Incorporation and the Corporation Law.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below shows the calculation
of dividends and interest on equity for 2020 and 2019:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net income for the year&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">4,770,527</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5,001,014</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Allocation to legal reserve&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(238,526</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(250,051</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">(&ndash;) Tax incentives &ndash; not distributable&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,766</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(18,166</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Adjusted net income&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,513,235</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,732,797</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Dividend and IOE distributed for the year:&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,830,000</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(3,588,000</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest on equity (gross)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,630,000</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,588,000</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Interim dividends&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,200,000</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,000,000</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance of unallocated net income&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">683,235</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,144,797</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">(+) Reversal special reserve for modernization and expansion&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">600,000</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,700,000</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">(+) Unclaimed dividends and interest on equity&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">99,788</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">82,898</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font: 8pt Arial, Helvetica, Sans-Serif; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">(+-) Actuarial gains (losses) recognized and effect of limitation of surplus plan assets, net of taxes and other changes&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">204,495</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(132,120</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Income available to be distributed&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,587,518</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,795,575</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Proposal for Distributions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Special reserve for modernization and expansion&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">600,000</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Additional proposed dividends&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">1,587,518</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">2,195,575</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Proposed additional dividends &ndash; Net income for the year&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">987,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">495,575</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Proposed additional dividends &ndash; Based on prior year&rsquo;s net income, referring to the reversal of the special reserve for expansion and modernization&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">600,000</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,700,000</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,587,518</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,795,575</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Mandatory minimum dividend &ndash; 25% of adjusted net income&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,128,309</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,183,199</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<!-- Field: Page; Sequence: 79 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The proposal to management of the 2020
financial year that is presented above will be submitted to the annual general meeting to be held in 2021.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 62%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total
        proposed for deliberation &ndash; per share</P></TD>
    <TD STYLE="white-space: nowrap; width: 19%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2020</P></TD>
    <TD STYLE="white-space: nowrap; width: 19%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2019</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Common shares&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">0.940376</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1.219339</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Preferred shares&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1.341273</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In 2020 and 2019, the Company allocated
interim dividends and interest on equity, which were allocated to mandatory minimum dividends, as follows:</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">2020</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Dates</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Gross
        Amount</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Net
        Value</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Amount
        per Share, Net</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Nature</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Approval</P></TD>
    <TD STYLE="width: 6%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Credit</P></TD>
    <TD STYLE="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Beginning
        of Payment</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Common</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Preferred</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Common</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Preferred</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD>
    <TD STYLE="width: 15%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Common</P></TD>
    <TD STYLE="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Preferred</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">02/14/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">02/28/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">Until 12/31/21</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">85,373</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">184,627</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">270,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">72,567</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">156,933</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">229,500</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.12745554999</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.14020110499</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">03/19/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">03/31/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">Until 12/31/21</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">47,430</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">102,570</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">150,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">40,315</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">87,185</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">127,500</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.07080863888</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.07788950277</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">06/17/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">06/30/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">Until 12/31/21</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">284,578</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">615,422</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">900,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">241,891</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">523,109</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">765,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.42485183332</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.46733701665</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">09/17/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">09/28/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">Until 12/31/21</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">205,528</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">444,472</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">650,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">174,699</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">377,801</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">552,500</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.30683743517</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.33752117869</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">11/16/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">11/27/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">Until 12/31/21</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">400,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">400,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">340,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">340,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.20136681027</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">12/15/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">12/28/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">Until 12/31/21</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">260,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">260,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">221,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">221,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.13091066301</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">Dividends&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">12/15/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">12/28/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">Until 12/31/21</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">1,200,000</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">&ndash;</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,200,000</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">1,200,000</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">&ndash;</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">1,200,000</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">0.71082712946</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">&ndash;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>2.482.909</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>1.347.091</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>3,830,000</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>2,290,472</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>1,145,028</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>3,435,500</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">2019</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Dates</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Gross
        Amount</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Net
        Value</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Amount
        per Share, Net</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Nature</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Approval</P></TD>
    <TD STYLE="width: 6%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Credit</P></TD>
    <TD STYLE="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Beginning
        of Payment</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Common</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Preferred</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Common</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Preferred</P></TD>
    <TD STYLE="width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD>
    <TD STYLE="width: 15%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Common</P></TD>
    <TD STYLE="width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 6pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Preferred</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">02/15/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">02/28/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">08/18/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">221,338</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">478,662</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">700,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">188,137</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">406,863</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">595,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.33044031480</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.36348434628</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">04/17/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">04/30/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">08/18/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">180,233</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">389,767</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">570,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">153,198</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">331,302</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">484,500</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.26907282777</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.29598011054</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">06/17/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">06/28/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">08/18/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">306,079</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">661,921</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">968,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">260,167</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">562,633</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">822,800</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.45695174961</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.50264692458</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">IOE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">12/19/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">12/30/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">08/18/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">110,669</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">239,331</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">350,000</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">94,069</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">203,431</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">297,500</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.16522015740</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><FONT STYLE="font-size: 7pt">0.18174217314</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt">Dividends&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">12/19/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">12/30/19</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt"><FONT STYLE="font-size: 7pt">08/18/20</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">316,198</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">683,802</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">1,000,000</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">316,198</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">683,802</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">1,000,000</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">0.55536187362</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid; text-align: right">0.61089806098</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><FONT STYLE="font-size: 7pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>1,134,517</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>2,453,483</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>3,588,000</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>1,011,769</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>2,188,031</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: 7pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double; text-align: right"><B>3,199,800</B></P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The amounts of IOE are calculated and
presented net of Withholding Income Tax (&ldquo;IRRF&rdquo;). Exempt shareholders received the full IOE amount, without withholding
income tax at source.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Until November 22, 2020, the date on
which preferred shares were closed, the Company&rsquo;s capital was divided into preferred and common shares. Preferred shares
were not entitled to vote, except in the cases provided for in articles 9 and 10 of the previous Bylaws, being guaranteed priority
in the reimbursement of capital, without premium and in the receipt of a dividend 10% higher than that attributed to each common
share , as provided in article 7 of the Company&rsquo;s Bylaws and in item II of paragraph 1 of article 17 of Law No. 6,404/76.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Dividends and interest on capital decided
on the credit date as of November 23, 2020, contemplate the effects of converting preferred shares into common shares (Note 23
a.1).</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: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">d.3) Unclaimed dividends and interest
on equity</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Pursuant to Article 287, paragraph II,
item &ldquo;a&rdquo; of Law No. 6404, of December 15, 1976, the dividends and interest on equity unclaimed by shareholders are
subject to the statute of limitation three years, as from the initial payment date. The Company reverses the amounts of unclaimed
dividends and IOE to equity once the statute of limitation occurred.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the years ended December 31, 2020
and 2019, the Company reversed unclaimed dividends and interest on equity amounting to R$99,788 and R$82,898, respectively, which
were included in calculations for decisions on Company dividends.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">e) Other comprehensive income</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Financial assets at fair value through other comprehensive income:</I> These refer to changes in fair value of financial
assets available for sale.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Derivative financial instruments:</I> These refer to the effective part of cash flow hedges up to the balance sheet date.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Currency translation effects for foreign investments:</I> This refers to currency translation differences arising from the
translation of financial statements of Alian&ccedil;a (joint venture).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Changes in other comprehensive income
were as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial assets at fair value through other comprehensive income</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Derivative transactions</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Currency translation effects &ndash; foreign investments</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 48%; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2018&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">(9,070</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">336</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">37,959</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; font-weight: bold; text-align: right">29,225</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Translation gains&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,859</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,859</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Losses from future contracts&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(336</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(336</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Losses on financial assets at fair value through other comprehensive income&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(11</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2019&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(9,081</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">39,818</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">30,737</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Translation gains&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,008</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">39,008</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Losses from future contracts&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,147</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,147</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Gains on financial assets at fair value through other comprehensive income&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">290</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">290</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Balance on December 31, 2020&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(8,791</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(4,147</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">78,826</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">65,888</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">f) Company shares repurchase program</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On July 28, 2020, the Company&rsquo;s
Board of Directors, in accordance with article no. 17, item XV of the Bylaws and CVM Instruction no. 567, approved a new Share
Repurchase Program of the Company, which has as its objective the acquisition of common shares issued by the Company for subsequent
cancellation, sale or maintenance in treasury, without reducing the share capital. This is designed to increase shareholder value
by efficiently investing the available cash resources and optimizing the capital allocation of the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The repurchase will be made using the
capital reserve balance included in the ITRs with base date June 30, 2020 (R$1.165 billion), except for the reserves referred to
in article 7, &sect; 1, of ICVM 567.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This program will run until January
27, 2022, with acquisitions made at B3, at market prices, observing the legal and regulatory limits.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The maximum amounts authorized for acquisition
will be 38,320,512 common shares. The number of shares outstanding is 446,496,249 common shares, according to the definition given
by article n&ordm; 8, &sect; 3, item I, of ICVM 567.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">During the year ended December 31, 2020,
518,800 shares of the Company were acquired, of which 232,000 were preferred shares and 286,800 common shares, for the amount of
R$22,689.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">g) Earnings per share</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Basic and diluted earnings per share
were calculated by dividing profit attributed to the Company&rsquo;s shareholders by the weighted average number of outstanding
common and preferred shares.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Below, we present the earnings per share
calculations for the years ended December 31, 2020, 2019 and 2018.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 58%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2020</P></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2019</P></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2018</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Net income for the year&#9;:</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">4,770,527</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">5,001,014</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">8,928,258</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.25in; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Common shares&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,991,046</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,581,308</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,823,093</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.25in; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Preferred shares&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,779,481</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">3,419,706</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">6,105,165</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Number of shares (thousands):&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,688,615</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,688,694</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,688,694</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.25in; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Weighted average number of outstanding common shares for the year&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">685,522</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">569,354</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">569,354</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.25in; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Weighted average number of outstanding preferred shares for the year&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,003,093</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,119,340</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,119,340</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Basic and diluted earnings per share (R$)&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.25in; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Common shares&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2.90</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2.78</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">4.96</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.5in; padding-left: 0.25in; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Preferred shares&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2.77</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">3.06</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">5.45</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(24) Net Operating Revenue</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Total packages combining various fixed
network, mobile, data, internet or television products or services, total revenue are allocated to each performance obligation
based on its independent selling prices in relation to the total consideration of the package and recognized when (or as soon as)
the obligation is met, regardless of whether or not items are delivered. When packages include a discount on the equipment, there
is an increase in revenues recognized for the sale of handsets and other equipment, to the detriment of ongoing service revenue
over subsequent periods. To the extent that the packages are marketed at a discount, the difference between the revenue from the
sale of equipment and the consideration received from the customer in advance is recognized as a contractual asset in the statement
of financial position.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Revenues correspond substantially to
the value of the consideration received or receivable arising from the provision of telecommunications, communications, sales of
goods, advertising and other revenues, and are presented net of taxes, rebates and returns (in the case of sale of goods), incident
on them.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Revenues from sales of public telephone
cards and prepaid cellular recharge credits, as well as the respective taxes due are deferred and recognized in income as services
are effectively rendered.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Revenues from leasing contracts for
equipment classified as financial leasing (&ldquo;Vivo Tech&rdquo; product) are recognized at the installation of the equipment,
at which time the actual transfer of risk occurs. Revenues are recognized at the present value of future minimum contract payments.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Revenue from the sale of appliances
to dealers is accounted for at the time of delivery and not at the time of sale to the final customer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Revenues from services and goods are
basically subject to the following indirect taxes: ICMS or ISS (as the case may be), PIS and COFINS, as the case may be.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Critical estimates and judgments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company has billing systems for
services with intermediate cut&ndash;off dates. Thus, at the end of each month there are revenues already received by the Company,
but not effectively invoiced to its customers. These unbilled revenues are recorded based on estimates, which take into account
historical consumption data, number of days elapsed since the last billing date, different cycles of information, and data obtained
from different sources which is processed by a large number of application and system, among others. These estimates are subject
to significant uncertainties.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Breakdown</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 55%; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Gross operating revenue&#9;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right">63,195,443</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right">66,571,866</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 12%; font-weight: bold; text-align: right">65,794,397</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Services (1)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,293,392</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60,129,579</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">61,292,362</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Sale of goods (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,902,051</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,442,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,502,035</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Deductions from gross operating revenue&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(20,068,971</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(22,303,695</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(22,331,657</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Taxes&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(13,022,712</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(13,894,361</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(14,559,915</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 27pt">Services&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,981,372</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,678,809</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,820,784</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 27pt">Sale of goods&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,041,340</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,215,552</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(739,131</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Discounts granted and return of goods&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(7,046,259</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(8,409,334</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(7,771,742</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Services&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,968,350</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,319,584</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,288,941</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 0.25in">Sale of goods&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,077,909</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,089,750</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,482,801</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Net operating revenue&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">43,126,472</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">44,268,171</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">43,462,740</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Services&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">40,343,670</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">41,131,186</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">41,182,637</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Sale of Goods&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,782,802</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">3,136,985</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">2,280,103</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>These include telephone services, use of interconnection network, data and SVA services, cable TV and other services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>These include sale of goods (handsets, SIM cards and accessories) and equipment of &ldquo;Vivo Tech&rdquo;.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">No single customer contributed more
than 10% of gross operating revenue for the years ended December 31, 2020, 2019 and 2018.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(25) Operating Costs and Expenses</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cost of sales and services</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Selling expenses</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">General and administrative expenses</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">2020</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; width: 48%; text-indent: -9.35pt; padding-left: 9.35pt">Personnel (1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(775,789</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(2,522,455</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(442,716</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">(3,740,960</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Third-party services (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,120,850</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,888,370</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,078,582</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,087,802</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Rental, insurance, condominium and connection means (3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,284,943</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(59,578</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(45,140</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,389,661</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Taxes, charges and contributions (4)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,690,171</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(32,517</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(47,428</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,770,116</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Estimated impairment losses on accounts receivable (Note 4)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,740,358</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,740,358</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Depreciation and amortization (5)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,865,855</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,495,229</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(866,414</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,227,498</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cost of goods sold&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,878,533</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,878,533</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Materials and other operating costs and expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(76,942</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(133,048</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(44,713</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(254,703</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(22,693,083</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(11,871,555</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,524,993</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(37,089,631</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">2019</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Personnel (1)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(758,780</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,568,363</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(430,409</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,757,552</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Third-party services (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,601,587</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,686,452</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,154,823</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,442,862</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Rental, insurance, condominium and connection means (3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,388,217</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(78,401</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(57,359</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,523,977</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Taxes, charges and contributions (4)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,597,066</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,810</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(31,127</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,670,003</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Estimated impairment losses on accounts receivable (Note 4)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,682,348</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,682,348</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Depreciation and amortization (5)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,624,228</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,501,096</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(794,468</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(10,919,792</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cost of goods sold&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,156,964</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,156,964</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Materials and other operating costs and expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(32,105</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(142,752</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(29,910</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(204,767</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(22,158,947</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(12,701,222</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,498,096</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(37,358,265</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">2018</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Personnel (1)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(872,032</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,574,498</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(549,610</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,996,140</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Third-party services (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,656,924</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,989,006</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,237,527</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(14,883,457</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Rental, insurance, condominium and connection means (3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,957,489</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(147,613</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(202,881</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,307,983</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Taxes, charges and contributions (4)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,594,836</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,703</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,122</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,661,661</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Estimated impairment losses on accounts receivable (Note 4)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,533,660</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,533,660</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Depreciation and amortization (5)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,487,909</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,352,638</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(528,076</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,368,623</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cost of goods sold&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,406,099</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,406,099</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Materials and other operating costs and expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(50,478</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(204,623</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(44,754</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(299,855</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(21,025,767</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(12,832,741</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,598,970</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(36,457,478</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Includes costs and expenses with fees, salaries, social charges and benefits, profit sharing, stock&ndash;based compensation
plans, pension plans and other post-employment benefits, training, transportation, health and nutrition.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Includes costs and expenses for interconnection and use of networks, advertising and publicity, plant maintenance, electricity,
security, cleaning, TV content purchase, commercial brokerage and intermediation, partnerships, call center, back office, logistics
and storage, preparation and posting of telephone bills, banking services, among others.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Includes costs and expenses of infrastructure, real estate, equipment, vehicles, insurance and means of connection.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(4)</TD><TD>Includes costs and expenses with FISTEL, FUST, FUNTTEL, liens for renewal of licenses and other taxes, fees and contributions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(5)</TD><TD>Includes the consolidated amounts of R$2,225,639, R$1,939,401 and R$29,631 in the years ended December 31, 2020 2019 and 2018,
respectively, related to the leases depreciation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(26) Other Operating Income (Expenses)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 55%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Recovered expenses and fines (1)&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">993,551</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">503,777</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,962,150</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Provisions for labor, tax and civil contingencies (Note 19) (2)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(673,905</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(625,480</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,258,966</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net gain (loss) on asset disposal/loss (3)&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">425,562</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">408,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">114,853</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other operating income (expenses)&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(201,120</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">17,561</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(367,115</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">544,088</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">304,018</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,450,922</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other operating income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,419,113</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">929,498</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,077,003</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other operating expenses&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(875,025</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(625,480</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,626,081</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">544,088</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">304,018</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,450,922</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>For the year ended December 31, 2020, includes tax credits amount to R$435,698, from the final court proceeding in favor of
the Company, which recognized the right to exclude ICMS (VAT) from the basis of calculation of PIS and COFINS contributions for
the periods from November 2001 to March 2016 and July 2002 to August 2003.<BR>
<BR>
For the year ended December 31, 2018, includes tax credits amount to R$3,386,433, from the final court proceeding in favor of the
Company, which recognized the right to exclude ICMS (VAT) from the basis of calculation of PIS and COFINS contributions for the
periods from September 2003 to June 2017 and July 2004 to June 2013.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>For the year ended December 31, 2018, includes the write-off of judicial deposits in the amount of R$160,715.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>The cumulative 2020 amount includes a net gain of R$93,257, resulting from the agreement entered into by the Company on November
28, 2019, for the sale of 1,909 structures (rooftops and towers) owned by the Company to Telxius Torres Brasil Ltda. (Note 12).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Following the sale of the assets, treated
as a sale and leaseback transaction, a lease was executed for part of the structures sold with Telxius Torres Brasil Ltda, to continue
the data transmissions necessary for provision of telephony services by the Company (Note 20).</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(27) Financial Income (Expenses)</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These include interest, monetary and
exchange variations arising from short&ndash;term investments, derivative transactions, loans, financing, debentures, present value
adjustments of transactions that generate monetary assets and liabilities and other financial transactions. These are recognized
on an accrual basis when earned or incurred by the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For all financial instruments measured
at amortized cost and interest&ndash;yielding financial assets classified as financial assets at fair value through other comprehensive
income, interest income or expense is recognized using the effective interest method, which exactly discounts estimated future
cash payments or receipts over the expected life of the financial instrument or, where appropriate, a shorter period, to the net
carrying amount of the financial asset or liability.</P>


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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Breakdown</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Financial Income</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 55%; font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest income&#9;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">177,236</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">272,158</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 10pt; text-align: right">246,083</TD><TD STYLE="width: 1%; font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest receivable (customers, taxes and other)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">98,232</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">177,636</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">118,476</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Gain on derivative transactions (Note 31)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">181,162</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">315,351</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">305,996</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Foreign exchange variations on loans and financing (Note 20)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,140</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">32,326</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other income with foreign exchange and monetary variation (judicial deposits, taxes and others) (1)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">780,663</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">209,447</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">3,341,211</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other financial income&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">114,237</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">153,138</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">68,548</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,351,530</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,132,870</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">4,112,640</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Financial Expenses</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Loan, financing, debenture and leases charges (Note 20) (2)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(648,816</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(830,686</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(510,398</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Foreign exchange variation on loans and financing (Note 20)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,036</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(61,174</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Loss on derivative transactions (Note 31)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(179,128</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(263,388</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(295,208</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest payable (financial institutions, provisions, trade accounts payable, taxes and other)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(129,030</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(144,779</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(186,238</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other expenses with foreign exchange and monetary variation (contingencies, suppliers, taxes and others)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(805,823</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(615,291</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(963,463</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">IOF, Pis, Cofins and other financial expenses (3)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(162,162</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(94,831</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(269,006</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,924,959</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(1,953,011</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(2,285,487</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Financial income (expenses), net&#9;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(573,429</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(820,141</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">1,827,153</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>For the year ended December 31, 2020, includes tax credits amounting to R$512,659, arising from the final court proceeding
in favor of the Company and its subsidiary (TData), which recognized the right to exclude ICMS (VAT) from the basis of calculation
of PIS and COFINS contributions for the periods from November 2001 to March 2016 and July 2002 to August 2003 (Note 8).</TD></TR></TABLE>

<P STYLE="font: 9pt Times New Roman, Times, Serif; margin: 0 0 4.5pt 0.25in; text-indent: 0in">For the year ended December 31,
2018, includes tax credits amounting to R$2,926,247, arising from the final court proceeding in favor of the Company and its subsidiary
(TData), which recognized the right to exclude ICMS (VAT) from the basis of calculation of PIS and COFINS contributions for the
periods from September 2003 to June 2017 and July 2004 to June 2013.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>Includes the consolidated amounts of R$526,127, R$457,985 and R$45,501 in the years ended December 31, 2020, 2019 and 2018,
respectively, related to leases charges.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>Includes the amount of PIS and COFINS on the indexation for inflation credits in (1) above.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(28) Balances and Transactions
with Related Parties</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balances
and transactions with related parties</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The main balances of assets and liabilities
with related parties arises from transactions with companies related to the controlling group carried out at the prices and other
commercial conditions agreed in contracts between the parties and refer to:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(a)</TD><TD>Fixed and mobile telephony services provided by Telef&oacute;nica Group companies.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(b)</TD><TD>Digital TV services contracted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(c)</TD><TD>Rental, maintenance of safety equipment and construction services contracted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(d)</TD><TD>Corporate services passed through at the cost effectively incurred.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(e)</TD><TD>Right to use certain software licenses and maintenance and support contracted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(f)</TD><TD>International transmission infrastructure for several data circuits and roaming services contracted.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(g)</TD><TD>Operations by Telef&oacute;nica Group companies, relating to the purchase of internet content, advertising and auditing services.</TD></TR></TABLE>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(h)</TD><TD>Marketing services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(i)</TD><TD>Information access services through the electronic communications network.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(j)</TD><TD>Data communication services and integrated solutions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(k)</TD><TD>Long distance call and international roaming services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(l)</TD><TD>Refunds to be paid or received regarding expenses and miscellaneous expenses.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(m)</TD><TD>Brand fee for assignment of rights to use the brand.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(n)</TD><TD>Platform of health services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(o)</TD><TD>Cost Sharing Agreement for digital business.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(p)</TD><TD>Rentals buildings.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(q)</TD><TD>Financial Clearing House roaming, inflows of funds for payments and receipts arising from roaming operation.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(r)</TD><TD>Integrated e&ndash;learning, online education and training solutions.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(s)</TD><TD>Factoring transactions, credit facilities for services provided by the Group&rsquo;s suppliers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(t)</TD><TD>Social investment. The Funda&ccedil;&atilde;o Telef&ocirc;nica, innovative use of technology to enhance learning and knowledge,
contributing to personal and social development.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(u)</TD><TD>Contracts or agreements assigning user rights for cable ducts, optical fiber duct rental services, and right&ndash;of&ndash;way
related occupancy agreements with several highway concessionaires.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(v)</TD><TD>Adquira Sourcing platform &ndash; online solution to transact purchase and sale of various types of goods and services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(w)</TD><TD>Digital media; marketing and sales, in&ndash;store and outdoor digital marketing services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(x)</TD><TD>Lease transactions between the Company and Telxius Torres Brasil. The operations consist of the sale of infrastructure assets
owned by the Company, together with the assignment of the sharing contracts, with the subsequent assignment of the use of space
of the referred infrastructures to the Company.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(y)</TD><TD>Amounts to be reimbursed by SPTE as a result of contractual clause of the purchase of Terra Networks equity interest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(z)</TD><TD>Sale of digital products and creation of an exclusive band channel that responds to the commercial demand for these digital
services and products.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 18pt"></TD><TD STYLE="width: 27pt">(aa)</TD><TD>Land purchase and sale operation.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">(The Company and its subsidiaries sponsor
pension plans and other post-employment benefits for its employees with Vis&atilde;o Prev and Sistel (Note 30).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Telef&ocirc;nica Corretora de Seguros
(&ldquo;TCS&rdquo;) acts as intermediary in transactions between insurance companies and the Company and its subsidiaries in the
acquisition of insurance for cell phones, operational risks, general liability, guarantee insurance, among others. There are no
balances arising from insurance intermediation with TCS, which is remunerated directly by the contracted insurer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following table summarizes the consolidated
balances with related parties:</P>


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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Balance
        Sheet &ndash; Assets</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: center; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">December
        31, 2020</P></TD>
    <TD COLSPAN="3" STYLE="text-align: center; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">December
        31, 2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; width: 33%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Companies</P></TD>
    <TD STYLE="text-align: center; width: 13%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Type
        of transaction</P></TD>
    <TD STYLE="text-align: center; width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Cash
        and cash equivalents</P></TD>
    <TD STYLE="text-align: center; width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Accounts
        receivable</P></TD>
    <TD STYLE="text-align: center; width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Other
        assets</P></TD>
    <TD STYLE="text-align: center; width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Cash
        and cash equivalents</P></TD>
    <TD STYLE="text-align: center; width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Accounts
        receivable</P></TD>
    <TD STYLE="text-align: center; width: 9%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Other
        assets</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Parent Companies</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">SP Telecomunica&ccedil;&otilde;es&nbsp;&nbsp;Participa&ccedil;&otilde;es&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">d) / l) / p)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">8</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">9,876</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">4,924</FONT></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica Latinoamerica Holding&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">l)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">19,188</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">40,105</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">l) / z)</FONT></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">&ndash;</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">&ndash;</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">4,796</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">&ndash;</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">10,873</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">2,555</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>8</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>33,860</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>&ndash;</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,879</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>47,584</B></FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Other Group companies</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Colombia Telecomunicaciones&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">k) / l)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">151</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">159</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">520</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica International Wholesale Services Brasil&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">a) / d) / l) / p)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">3,113</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">221</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,961</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">69</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">T.O2 Germany GMBH CO. OHG&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">k)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">330</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,688</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica Venezolana&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">k) / l)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">6,852</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,196</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">6,498</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,196</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&ocirc;nica Digital Espa&ntilde;a&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">g) / l)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,151</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">696</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">300</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&ocirc;nica Factoring do Brasil&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">a) / d) / s)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">8,919</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">62</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">2,782</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">45</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica International Wholesale Services II, S.L.&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">a) / j) / k)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">54,249</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">58,490</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&ocirc;nica Servi&ccedil;os de Ensino&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">a) / d) / p)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">130</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">24</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">153</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">14</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica Moviles Argentina&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">j) / k)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">5,883</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">5,145</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica Moviles Espa&ntilde;a&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">k)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,783</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">1,536</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica USA&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">j)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">4,126</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">5,319</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telfisa Global BV&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">q)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">47,313</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">59,657</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telxius Cable Brasil&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">a) / d) / l) / p)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">4,624</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">223</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">11,382</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">4,895</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telxius Torres Brasil&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">a) d) / p) / x)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">960</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">9,164</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">5,429</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">6,611</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Terra Networks Mexico, Terra Networks Peru e Terra Networks Argentina&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">g) / h)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">5,617</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">5,598</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Telef&oacute;nica Cyber Tech Brasil&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">a) / d) / j) /p)</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">439</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">23,416</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Outras&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt"><FONT STYLE="font-size: 8pt">a) / d) / g) / h) / j) / k) / l) / p)</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">&ndash;</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">7,014</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">3,669</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">&ndash;</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">12,189</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">2,732</P></TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>47,313</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>105,341</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>38,975</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>59,657</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>119,025</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>17,382</B></P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 0.3in; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 1.5pt double; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>47,313</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 1.5pt double; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>105,349</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 1.5pt double; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>72,835</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 1.5pt double; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>59,657</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 1.5pt double; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>129,904</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 1.5pt double; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0"><B>64,966</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Balance
        Sheet &ndash; Liabilities</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2020</P></TD>
    <TD COLSPAN="2" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Companies</P></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Type
        of transaction</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Trade
        accounts payable and other payables</P></TD>
    <TD STYLE="text-align: center; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Other
        liabilities and leases</P></TD>
    <TD STYLE="text-align: center; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Trade
        accounts payable and other payables</P></TD>
    <TD STYLE="text-align: center; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Other
        liabilities and leases</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><B>Parent Companies</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">SP Telecomunica&ccedil;&otilde;es&nbsp;&nbsp;Participa&ccedil;&otilde;es&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">y)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">27,599</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">23,524</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">l) / m)</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">8,274</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">673</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">2,907</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0">40</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><B>8,</B>274</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><B>28,272</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><B>2,907</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><B>23,564</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 0.15in; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><B>Other Group companies</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Colombia Telecomunicaciones&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">k)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">157</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">816</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Funda&ccedil;&atilde;o Telef&ocirc;nica&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">l)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">86</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Media Networks Latin America S.A.C.&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">b)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">5,660</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">9,245</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica International Wholesale Services Brasil&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">f) / l)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">52,161</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">318</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">44,835</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">318</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">T.O2 Germany GMBH CO. OHG&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">k)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">769</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">5,000</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica Venezolana&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">k)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">6,038</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">6,044</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica Compras Electr&oacute;nica&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">v)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">32,187</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">28,169</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&ocirc;nica Digital Espa&ntilde;a&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">o)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">115,899</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">68,015</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&ocirc;nica Factoring do Brasil&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">s)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,551</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">4,057</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica Global Technology&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">e)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">30,535</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">28,854</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica International Wholesale Services II, S.L.&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">f) / k)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">80,254</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">66,976</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&ocirc;nica Servi&ccedil;os de Ensino&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">r)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">4,480</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">8,373</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica Moviles Argentina&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">k)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">757</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">3,638</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica Moviles Espa&ntilde;a&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">k)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,283</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">3,488</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica USA&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">f)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">12,688</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">269</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">16,015</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">267</TD></TR>

<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 40%; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telxius Cable Brasil&#9;</TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">f) / l)</TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">18,937</TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,572</TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">47,168</TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,572</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telxius Torres Brasil&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">l) / x)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">74,655</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,393,898</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">30,018</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">480,589</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Terra Networks Mexico, Terra Networks Peru and Terra Networks Argentina&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">h)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">5,231</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">7,105</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Telef&oacute;nica Cyber Tech Brasil&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">aa)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">15,131</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Companhia AIX Participa&ccedil;&otilde;es&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">a) / u)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">78,236</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,050</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Outras&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">24,243</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">223</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">26,555</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">42</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>481,065</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>1,476,067</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>402,364</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>486,931</B></P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>489,339</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,504,339</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>405,271</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>510,495</B></P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><B>Current liabilities</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Trade&nbsp;&nbsp;accounts payable and other payables (Note 16)&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">489,339</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">405,271</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Leases (Note 20)&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">346,291</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">55,920</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Other liabilities (Note 22)&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">33,244</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">29,529</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><B>Non-current liabilities</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Leases (Note 20)&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,124,217</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">424,461</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Other liabilities (Note 22)&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">587</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">585</TD></TR>
</TABLE>
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    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="35" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Income statement</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: center">Companies</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Type of transaction</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Operating revenues</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Operating revenues (cost and other expenses)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial result</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Operating revenues</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Operating revenues (cost and other expenses)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial result</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Operating revenues</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Operating revenues (cost and other expenses)</TD><TD STYLE="font-size: 6pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial result</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Parent Companies</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: right; padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 9%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">SP Telecomunica&ccedil;&otilde;es&nbsp;&nbsp;Participa&ccedil;&otilde;es&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: left; padding-left: 2.9pt">d) / l) / p)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">10</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">558</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">5</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">497</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">347</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Latinoamerica Holding&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">l)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">19,181</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,217</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">18,309</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">851</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,466</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,077</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.9pt">l) / m)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(427,868</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(13,163</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(422,958</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,226</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(373,690</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(16,680</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 8pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(408,129</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(5,946</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">5</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(404,152</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(4,375</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(356,877</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(7,603</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Other Group companies</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 8pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Colombia Telecomunicaciones&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">k) / l)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">110</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">118</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">111</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">321</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">250</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,280</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,145</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Funda&ccedil;&atilde;o Telef&ocirc;nica&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">t)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(9,998</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(11,971</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(12,223</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica International Wholesale Services Brasil&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">a) / d) / f) / l) / p)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,586</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(105,384</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">757</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(104,105</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,006</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(101,272</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Media Networks Latin America S.A.C.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">b)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(28,471</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(246</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(41,023</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(596</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,791</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,007</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&ocirc;nica Servi&ccedil;os de Ensino&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">a) / d) /&nbsp;&nbsp;p) / r)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">877</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,072</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,085</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(35,228</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,158</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,130</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">T.O2 Germany GMBH CO. OHG&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">k)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">32</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,565</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">823</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(100</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">489</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,845</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">148</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,975</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Venezolana&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">k)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(34,534</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Compras Electr&oacute;nica&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">v)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,919</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,814</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(124,537</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(813</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&ocirc;nica Digital Espa&ntilde;a&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">g) / l) / o)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">366</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(142,343</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,992</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">299</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(127,182</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,016</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,416</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">212</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,601</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&ocirc;nica Factoring do Brasil&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">a) / d) / s)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,674</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">252</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,551</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,418</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">239</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,048</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,738</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,134</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Global Technology&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">e)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(80,784</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(6,470</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(63,947</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">388</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,568</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(54,210</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica International Wholesale Services II, S.L.&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">a)/ f) / j) / k)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">65,246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(88,730</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,451</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">48,819</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(75,693</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,128</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">53,357</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(64,036</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,771</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Moviles Argentina&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">j) / k)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,152</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,340</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">200</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,030</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,437</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">90</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,916</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(3,437</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Moviles Espa&ntilde;a&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">k)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">554</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">949</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(62</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">410</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,737</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">545</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(209</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(4,166</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica USA&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">f) / j)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(17,186</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(436</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,793</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,700</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,518</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(19,441</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(539</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telxius Cable Brasil&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">a) / d) / f) / l) / p)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,066</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(314,327</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(30,251</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,585</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(252,436</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,415</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">49,777</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(206,095</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(7,896</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telxius Torres Brasil&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">a) / d) / p) / x)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,902</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,178</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(69,137</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,652</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,144</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,218</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(129,706</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Terra Networks Mexico, Terra Networks Peru and Terra Networks Argentina&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="padding-left: 2.9pt">h)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">847</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,428</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">166</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,535</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,639</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">567</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,794</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,450</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Telef&oacute;nica Cyber Tech Brasil&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">a) / aa)/ d) / j) /p)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">347</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(15,544</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Companhia AIX Participa&ccedil;&otilde;es&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left; padding-left: 2.9pt">a) / u)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,252</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(24,174</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">75</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,645</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Other&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 2.9pt">a) / c) / d) / e) /&nbsp;&nbsp;f) / g) / h) / i) / j) / k) / l) / n) / o) / p) / q) / w)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,075</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(17,795</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,494</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,860</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(58,763</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">588</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,840</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(27,116</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(244</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 8pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 1pt; padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">107,862</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(881,391</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(120,145</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">84,537</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(854,137</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(37,695</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">126,038</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(932,914</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(2,956</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-size: 8pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="font-size: 8pt; padding-bottom: 2.5pt; padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">107,872</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,289,520</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(126,091</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">84,542</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,258,289</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(42,070</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">126,038</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(1,289,791</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(10,559</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

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


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
compensation</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Consolidated key management compensation
paid by the Company to its Board of Directors and Statutory Officers for the years ended December 31, 2020 and 2019 totaled R$27,802
and R$25,483, respectively. Of this amount, R$17,470 (R$16,758 on December 31, 2019) corresponds to salaries, benefits and social
charges and R$10,332 (R$8,725 on December 31, 2019) to variable compensation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">These were recorded as personnel expenses
in General and administrative expenses (Note 25).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the years ended December 31, 2020
and 2019, the Directors and Officers received no pension, retirement or similar benefits.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(29) Share-Based Payment Plans</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and subsidiaries measure
the cost of transactions settled with shares issued by the parent company (Telef&oacute;nica), to its officers and employees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries measure
the cost of transactions settled with employees and officers based on shares issued by the parent company (Telef&oacute;nica),
by reference to the fair value of the shares on the date at which they are granted, using the binomial valuation model. This fair
value is charged to the statement of income over the period until the vesting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries reimburse
Telef&oacute;nica for the fair value of the benefit delivered on the grant date to the officers and employees.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
on share-based payment plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Telef&oacute;nica as the Company&acute;s
parent has different share-based payment plans which are also offered to management and employees of its subsidiaries, including
the Company and its subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The granting of shares is conditional
upon: (i) maintenance of an active employment relationship within the Telef&oacute;nica Group on the cycle consolidation date;
and (ii) achievement, by Telef&oacute;nica, of results representing fulfillment of the objectives established for the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The level of success is based on a comparison
of growth in Telef&oacute;nica shareholder earnings, including their quotations and dividends (Total Shareholder Return &ndash;
&ldquo;TSR&rdquo;), compared with the growth in TSR for companies of the Group in an established basis of comparison and the Telef&oacute;nica
Group&rsquo;s FCF.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, the value of Telef&oacute;nica&rsquo;
share price was Eur 3.2450.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Company and subsidiaries share-based
compensation plans expenses described above, where applicable, are recorded as personnel expenses, divided into the groups cost
of services, selling expenses and general and administrative expenses (Note 25), corresponding to R$19,196 and R$10,833 for the
years ended December 31, 2020 and 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The main plans in effect on December
31, 2020 are detailed below:</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Talent for the Future Share Plan (&ldquo;TFSP&rdquo;),
for its Senior Managers, Managers and Experts at a global level</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Telef&oacute;nica&rsquo;s Annual Shareholders&rsquo;
Meeting, held on June 8, 2018, approved a long&ndash;term program with the objective of rewarding the commitment, outstanding performance
and high potential of its executives at a global level with the attribution of shares of Telef&oacute;nica.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Participants do not have to pay for
their assigned initial actions. The total planned duration of the plan is three years. The cycles are independent of each other.
The number of shares is announced at the beginning of the cycle and after the three years period from the grant date, the shares
will be transferred to the participants if the goal is achieved.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The 2018&ndash;2020 cycle (January 1, 2018 to December 31, 2020): includes 122 active executives with potential rights to receive
101,000 shares of Telef&oacute;nica.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The 2019-2021 cycle (January 1, 2019 to December 31, 2021): includes 152 active executives with potential rights to receive
128,000 shares of Telef&oacute;nica.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The 2020&ndash;2022 cycle (January 1, 2020 to December 31, 2022): includes 170 active executives with potential rights to receive
136,400 shares of Telef&oacute;nica.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Perform Share Plan (&ldquo;PSP&rdquo;),
for its Vice-Presidents and Directors at the global level</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Telef&oacute;nica&rsquo;s Annual Shareholders&rsquo;
Meeting, held on June 8, 2018, approved a long&ndash;term program with the objective of rewarding the commitment, outstanding performance
and high potential of its Directors at the global level with the attribution of shares of Telef&oacute;nica.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Participants do not have to pay for
their assigned shares. The total planned duration of the plan is three years. The cycles are independent of each other. The number
of shares is announced at the beginning of the cycle and after the three years period from the grant date, the shares will be transferred
to the participants if the target is reached.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The 2018&ndash;2020 cycle (January 1, 2018 to December 31, 2020): includes 94 active executives (including 2 executives appointed
under the Company&rsquo;s by&ndash;laws), with the potential right to receive 740,345 shares of Telef&oacute;nica.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The 2019-2021 cycle (January 1, 2019 to December 31, 2021): includes 94 active executives (including 3 executives appointed
under the Company&rsquo;s by&ndash;laws), with the potential right to receive 995,237 shares of Telef&oacute;nica.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The 2020-2022 cycle (January 1, 2020 to December 31, 2022): includes 106 active executives (including 3 executives appointed
under the Company&rsquo;s by&ndash;laws), with the potential right to receive 601,444 shares of Telef&oacute;nica.</TD></TR></TABLE>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">Global Employee Share Plan (&ldquo;GESP&rdquo;)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Employees enrolled in the plan acquired
Telef&oacute;nica shares through monthly contributions of &euro;25 to &euro;150 (or the equivalent in local currency) up to &euro;1,800
over 12 months (acquisition period).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The 12 months following the purchase
period are the retention period for the purchased shares. At the end of the 2nd year, reward shares will be delivered, that is,
for every two shares purchased by the employee, a free share will be granted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The cycle of this plan is effective
from July 1, 2019 to June 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The delivery of shares will take place
after the vesting period of the plan, after July 31, 2021, and is subject to: (i) remaining in the company during the two years
of the program (vesting period), subject to certain special conditions in relation to casualties; and (ii) the exact number of
shares to be delivered at the end of the vesting period depends on the number of shares acquired and held by employees. Thus,
employees enrolled in the plan, and who remain in the Telef&oacute;nica Group, who have maintained the acquired shares for an
additional period of another twelve months after the end of the purchase period, will be entitled to receive one free share for
every two shares they have acquired and maintained until the end of the vesting period.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020 and 2019, the consolidated
liability balances of the plans mentioned above were R$86,296 and R$40,523, respectively, including taxes.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(30) Pension Plans and Other
Post-Employment Benefits</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries individually
sponsor pension funds of post-retirement benefits for active and retired employees, in addition to a multisponsor supplementary
retirement plan and health care plan for former employees. Contributions are determined on an actuarial basis and recorded on an
accrual basis. Liabilities relating to defined benefit plans are determined based on actuarial evaluations at each year&ndash;end,
in order to ensure that sufficient reserves have been set up for both current and future commitments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Actuarial liabilities related to defined
benefit plans were calculated using the projected unit credit method. Actuarial gains and losses are recognized immediately in
equity (in other comprehensive income).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For plans with defined contribution
characteristics, the obligation is limited to the contributions payable, which are recognized in the P&amp;L in the respective
accrual periods.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The asset or liability related to defined
benefit plan to be recognized in the financial statements corresponds to the present value of the obligation for the defined benefit
(using a discount rate based on long&ndash;term National Treasury Notes &ndash; &ldquo;NTNs&rdquo;), less the fair value of plan
assets that will be used to settle the obligations. Plan assets are assets held by a privately held supplementary pension plan
entity. Plan assets are not available to the Company&rsquo;s creditors or those of its subsidiaries and cannot be paid directly
to the Company or its subsidiaries. The fair value is based on information on market prices and, in the case of securities quoted,
on the purchase price disclosed. The value of any defined benefit asset then recognized is limited to the present value of any
economic benefits available as a reduction in future plan contribution from the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Actuarial costs recognized in the statement
of income are limited to the service cost and cost of interest on the defined benefit plan obligation. Any changes in the measurement
of plan assets and obligations are initially recognized in other comprehensive income, and immediately reclassified to retained
earnings in P&amp;L.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries manage
and individually sponsors a health care plan for retired employees and former employees with fixed contributions to the plan, in
accordance with Law No. 9656/98 (which provides for private health care and health insurance plans). As provided for in Articles
30 and 31 of said law, participants shall have the right to the health care plan in which they participated while they were active
employees.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Critical estimates and judgments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The cost of pension plans with defined
benefits and other post-employment health care benefits and the present value of the pension obligation are determined using actuarial
valuation methods. Actuarial valuation involves use of assumptions about discount rates, future salary increases, mortality rates
and future increases in pension and annuity benefits. The obligation for defined benefits is highly sensitive to changes in these
assumptions. All assumptions are reviewed on an annual basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The mortality rate is based on publicly
available mortality tables in the country. Future salary increases, and pension increases are based on expected future inflation
rates for the country.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
on pension plans and other post-employment benefits</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The plans sponsored by the Company and
its subsidiaries and the related benefit types are as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 24%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Plan</P></TD>
    <TD STYLE="white-space: nowrap; width: 20%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Type</P></TD>
    <TD STYLE="white-space: nowrap; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Entity</P></TD>
    <TD STYLE="white-space: nowrap; width: 45%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Sponsor</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 9pt">PBS-A&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Defined benefit (DB)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Sistel</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Telef&ocirc;nica Brasil, jointly with other telecoms resulting from privatization of the Sistema Telebr&aacute;s</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 9pt">PAMA / PCE&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Defined benefit (DB)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Sistel</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Telef&ocirc;nica Brasil, jointly with other telecoms resulting from privatization of the Sistema Telebr&aacute;s</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 9pt">Healthcare &ndash; Law No. 9656/98&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt"><BR>
Defined benefit (DB)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt"><BR>
Telef&ocirc;nica Brasil</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt"><BR>
Telef&ocirc;nica Brasil, Terra Networks, TGLog and TIS</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 9pt">CTB&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Defined benefit (DB)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Telef&ocirc;nica Brasil</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Telef&ocirc;nica Brasil</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 9pt">Telef&ocirc;nica BD&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Defined benefit (DB)</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Vis&atilde;oPrev</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Telef&ocirc;nica Brasil</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 9pt">VIS&Atilde;O&#9;</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Defined contribution (DC) / Hybrid</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Vis&atilde;oPrev</FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 9pt">Telef&ocirc;nica Brasil, Terra Networks, TGLog and TIS</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company has participation in the
decisions that directly affect the governance of the plans, with members nominated for both the Deliberative Council and the Fiscal
Council of the administrators Sistel and Vis&atilde;o Prev.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The defined benefit obligation is made
up of different components, according to the pension characteristic of each plan, and may include the actuarial liabilities of
supplementary pension liabilities, health care benefits to retirees and dependents or compensation for death or disability of members.
This liability is exposed to economic and demographic risks, such as: (i) increases in medical costs that could impact the cost
of health care plans; (ii) salary growth; (iii) long&ndash;term inflation rate; (iv) nominal discount rate; and (v) life expectancy
of members and pensioners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The fair value of plan assets is primarily
comprised of fixed income investments (NTN&rsquo;s, LFT&rsquo;s, LTN&rsquo;s, repurchase agreements, CDBs, debentures, letters
of guarantee and FIDC shares) and equity investments (highly liquid, well regarded, large company shares and investments in market
indices).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Due to the concentration of fixed income
and floating rate investments plan assets are mainly exposed to the risks inherent in the financial market and economic environment
such as: (i) market risk in the economic sectors where variable income investments are concentrated; (ii) risk events that impact
the economic environment and market indices where variable income investments are concentrated; and (iii) the long&ndash;term inflation
rate that may erode the profitability of fixed income investments at fixed rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The companies that administer post-employment
benefits plans sponsored by the Company (Vis&atilde;o Prev and Sistel) seek to meet the flows of assets and liabilities through
the acquisition of fixed income securities and other long&ndash;term assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">With the exception of the Companhia
Telef&ocirc;nica Brasileira (&ldquo;CTB&rdquo;) and the healthcare plan under Law No. 9656/98, generally all benefit plans that
have funds constituted present a surplus position. The economic benefit recorded in the Company&rsquo;s assets or that of its subsidiaries
does not reflect the total surplus determined in these plans. The economic benefit stated under assets considers only the portion
of the surplus which presents a real possibility of recovery. The means of plan surplus recovery is solely through reductions in
future contributions and given that not all plans currently receive enough contributions for full recovery of surpluses, the economic
benefit recorded under assets is limited to the total possible recovery amount in accordance with projected future contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The position of plan assets is on December
31, 2020 and 2019, respectively, and plan assets were apportioned based on the Company&rsquo;s actuarial liabilities in relation
to the total actuarial liabilities of the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The actuarial gains and losses generated
in each year are immediately recognized in equity (in other comprehensive income).</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a summary of the pension
plans and other post-employment benefits:</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.1) Post-Employment Health Benefits Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The actuarial valuation made for the
PAMA health plan used the registration of the participants with a base date of August 31, 2020, while the actuarial valuation made
for the health plan Law No. 9,656/98 used the registration of the participants with a base date of September 30, 2020, both plans
projected for December 31, 2020. For comparative exercises, the actuarial valuation made for the PAMA health plan and health plan
Law No. 9,656/98 used the registration of the participants with a base date of December 31, 2019, both plans projected for December
31, 2019.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.1.1) Healthcare Plan to Retirees and Special
Coverage Program (PAMA and PAMA&ndash;PCE)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company, together with other companies
of the former Telebr&aacute;s System, at shared cost, sponsor health care plans (PAMA and PAMA&ndash;PCE) to retirees. These plans
are managed by Funda&ccedil;&atilde;o Sistel and are closed plans, not admitting new members.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Contributions to the plans are determined
based on actuarial valuations prepared by independent actuaries, in accordance with the rules in force in Brazil. The funding procedure
is the capitalization method and the sponsor&rsquo;s contribution are at the fixed percentage of payroll of employees covered by
the Telef&ocirc;nica BD plan.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.1.2) Health care plan &ndash; Law No. 9656/98</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company manages and together with
its subsidiaries sponsors a health care plan to retired employees and former employees with fixed contributions to the plan, in
accordance with Law No. 9656/98.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As provided for in Articles 30 and 31
of said law, participants shall have the right to the health care plan in which they participated while they were active employees.
Benefitted participants are classified as (i) retirees and their dependents; and (ii) dismissed employees and their dependents.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Retirees and dismissed employees, in
order to keep their right to the benefits, must make contributions to the plan in accordance with the contribution tables by age
bracket established by carriers and/or insurance companies.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.2) Post-employment Social Security Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The actuarial valuation made for the
pension plan (CTB, PBS-A, Telef&ocirc;nica BD and Vis&atilde;o Plans) used the registration of the participants with a base date
of July 31, 2020, projected for December 31, 2020 and the registration of the participants with a base date of July 31, 2019, projected
for December 31, 2019.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">They include the PBS Assisted Plans
(&ldquo;PBS-A&rdquo;), CTB, Telef&ocirc;nica DB and Vis&atilde;o.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.2.1) PBS Assisted Plan (PBS-A)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The PBS-A plan is a defined benefit
private pension plan managed by Sistel and sponsored by the Company jointly with the other telecommunications companies originating
in the privatization of the Telebr&aacute;s System. The plan is subject to funding by sponsors in the case of any asset insufficiency
to ensure pension supplementation of participants in the future.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The PBS-A plan comprises assisted participants
of the Sistel Benefit Plan who were already retirees on January 31, 2000, from all the participating sponsors, with joint liability
of all sponsors to the plan and Sistel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">According to PREVIC Ordinance No. 1,061,
of December 5, 2019, published in the DOU on December 9, 2019, Sistel approved the distribution of part of its surplus, in the
form of PBS-A&rsquo;s special reserve, with reversal of values to sponsors and improvement of benefits, in the form of temporary
income, to those assisted. The participation corresponding to the Company in the distribution of this reserve was calculated in
the amount of R$215,328, with expected distribution in the form of 36 monthly payments, corrected by the plan&rsquo;s income (Note
10).</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Even considering the distribution of
the reserve approved by PREVIC, PBS-A still has assets in excess of actuarial obligations as of December 31, 2020 and 2019. These
surpluses were not recognized due to the lack of legal provision for their reimbursement and, as they are not a contributory plan,
no deduction is possible in future contributions.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.2.2) CTB Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Contributions to the CTB plan are determined
based on actuarial valuations prepared by independent actuaries, in accordance with the rules in force in Brazil. The funding procedure
is the capitalization method and the sponsor&rsquo;s contribution are a fixed percentage of payroll of employees covered by the
plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company also individually manages
and sponsors the CTB plan, originally provided to former employees of CTB who were in the Company in 1977, with whom an individual
retirement concession agreement was executed to encourage their resignation. This is an informal pension supplementation benefit
paid to former employees directly by the Company. These plans are closed, and no other members are admitted.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.2.3) Telef&ocirc;nica DB Plan</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company individually sponsors a
defined benefit retirement plan, the Telef&ocirc;nica DB plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In order to improve allocation of Telef&ocirc;nica
DB plan assets and analyze the coverage ratio of plan obligations in future years, a stochastic ALM study was prepared by Vis&atilde;o
Prev and Willis Towers Watson. This ALM study aimed at projecting the ratio between coverage of liabilities (solvency ratio) and
the risk of mismatching measured by the standard deviation of the solvency ratio. The study concluded that the plan presents sustainable
projection of their coverage ratio with the current investments&rsquo; portfolio.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">At the time of the concession, a benefit
is calculated, which will be paid in a lifelong form and updated by inflation. This plan is not open to new accessions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The contributions are defined according
to the costing plan, which is calculated considering financial, demographic and economic hypotheses in order to accumulate enough
resources to pay the benefits to the participants who are already receiving them, and to the new pensions.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.2.4) VIS&Atilde;O Plans</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Vis&atilde;o Telef&ocirc;nica and
Vis&atilde;o Multi plans will hereinafter be shown jointly under the name VIS&Atilde;O, due to their similarity.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries sponsor
defined contribution pension plans with defined benefit components (hybrid plans), i.e. the VIS&Atilde;O Plans, managed by Vis&atilde;o
Prev. The contribution is attributed to each subsidiary in the economic and demographic proportion of its respective obligation
to the plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The contributions made by the Company
and subsidiaries related to defined contribution plans totaled R$40,983 on December 31, 2020 (R$27,963 on December 31, 2019).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The contributions to the Vis&atilde;o
Telef&ocirc;nica and Vis&atilde;o Multi plans are: (i) basic and additional contribution, with contributions made by the participant
and sponsor; and (ii) additional, sporadic and specific contribution, with contributions made only by the participant.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In addition, the participant has the
possibility to choose one of five investment profiles to apply to their balance, and they are: Super Conservative, Conservative,
Moderate, Aggressive and Aggressive Fixed Income Long&ndash;Term.</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.3) Consolidated information on pension
plans and other post-employment benefits</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.1) Reconciliation of net liabilities (assets):</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Present value of DB plan obligations&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2,238,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,863,359</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">4,102,059</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2,429,478</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2,016,614</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">4,446,092</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Fair value of plan assets&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,411,297</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,004,048</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,415,345</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,696,914</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,001,112</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">4,698,026</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net liabilities (assets)&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,172,597</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">859,311</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(313,286</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(1,267,436</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,015,502</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(251,934</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Asset limitation&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,081,325</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,102,805</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,128,691</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">57,371</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,186,062</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Current assets&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(82,935</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(82,935</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(71,776</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(71,776</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Non-current assets&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(82,127</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(82,127</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(149,163</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(149,163</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Current liabilities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,475</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">15,680</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">22,155</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">6,937</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">18,620</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">25,557</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Non-current liabilities&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">67,315</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">865,111</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">932,426</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">75,257</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,054,253</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,129,510</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.2) Total expenses recognized in the statement
of income:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2020</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2019</P></TD>
    <TD COLSPAN="3" STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2018</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 28%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 7pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD>
    <TD STYLE="width: 8%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Current service cost&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">3,036</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">26,576</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><B>29,612</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">3,155</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">16,293</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><B>19,448</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,931</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">13,722</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right"><B>16,653</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt">Net interest on net actuarial assets/liabilities&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">(10,385)</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">82,151</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>71,766</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">5,713</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">56,612</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>62,325</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">6,074</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">45,892</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>51,966</B></P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="text-align: left; padding-right: 7.9pt; padding-left: 9.35pt; line-height: normal; font-size: 8pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>(7,349)</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>108,727</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>101,378</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>8,868</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>72,905</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>81,773</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>9,005</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>59,614</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>68,619</B></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.3) Amounts recognized in other comprehensive
income (loss)</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2020</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2019</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2018</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 37%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Actuarial (losses) gains&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">114,556</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">(256,010</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-weight: bold; text-align: right">(141,454</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">(188,889</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">412,416</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-weight: bold; text-align: right">223,527</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">(186,170</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; text-align: right">184,527</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 4%; font-weight: bold; text-align: right">(1,643</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Asset limitation effect&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(128,320</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,137</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(168,457</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,297</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,430</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(21,867</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">188,259</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(93,125</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">95,134</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(13,764</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(296,147</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(309,911</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(213,186</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">414,846</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">201,660</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,089</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">91,402</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">93,491</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.5pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.4) Changes in amount net of liability (asset)
of defined benefit, net</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net defined benefit liability (asset) at the beginning of the year&#9;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">(138,745</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">)</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">1,072,873</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 9pt; font-weight: bold; text-align: right">934,128</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">68,368</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 9pt; text-align: right">600,113</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-size: 9pt; font-weight: bold; text-align: right">668,481</TD><TD STYLE="width: 1%; font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Business combinations&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,994</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,994</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-indent: -9.35pt; padding-left: 9.35pt">Expenses&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(7,349</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">108,727</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">101,378</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">8,868</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">72,905</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">81,773</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Sponsor contributions&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(8,229</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(4,662</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(12,891</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(8,776</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(16,985</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(25,761</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Amounts recognized in OCI&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(13,764</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(296,147</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(309,911</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(213,186</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">414,846</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">201,660</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Distribution of reserves&#9;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">76,815</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">76,815</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">5,981</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; text-align: right">5,981</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net defined benefit liability (asset) at the end of the year&#9;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(91,272</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">880,791</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">789,519</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(138,745</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,072,873</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">934,128</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Actuarial assets per balance sheet&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(165,062</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(165,062</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(220,939</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(220,939</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Actuarial liabilities per balance sheet&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">73,790</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">880,791</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">954,581</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">82,194</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">1,072,873</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">1,155,067</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.5) Changes in defined benefit liability</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Defined benefit liability at the beginning of the year&#9;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">2,429,478</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">2,016,614</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">4,446,092</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">2,011,355</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">1,313,157</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">3,324,512</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Liability assumed after acquisition of company&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">0</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,994</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,994</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Current service costs&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,036</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,576</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">29,612</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,155</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,293</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">19,448</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest on actuarial liabilities&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">167,991</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">150,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">318,501</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">175,695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">121,088</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">296,783</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Benefits paid&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(171,177</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(48,101</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(219,278</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(165,929</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(53,724</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(219,653</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Member contributions paid&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">346</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">346</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">323</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">323</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Actuarial losses (gains) adjusted by experience&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(70,783</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(33,088</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(103,871</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">93,699</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">226,928</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">320,627</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Actuarial losses (gains) adjusted by demographic assumptions&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(8,378</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(52,071</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(60,449</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(44,249</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(44,249</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Actuarial losses (gains) adjusted by financial assumptions&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(111,813</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(197,081</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(308,894</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">311,180</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">435,127</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">746,307</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Defined benefit liability at the end of the year&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,238,700</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,863,359</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,102,059</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,429,478</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,016,614</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,446,092</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.6) Changes in the fair value of plan assets</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Fair value of plan assets at the beginning of the year&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">3,696,914</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,001,112</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">4,698,026</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">2,999,669</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">763,325</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">3,762,994</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Benefits paid&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(164,587</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(43,477</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(208,064</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(159,001</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(36,774</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(195,775</TD><TD STYLE="font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Participants contributions paid&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">346</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">346</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">323</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">323</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Sponsor contributions paid&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,638</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">38</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,676</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,848</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">35</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">1,883</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest income on plan assets&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">259,331</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">72,604</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">331,935</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">266,287</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">69,137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">335,424</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Return on plan assets excluding interest income&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(305,530</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(26,229</TD><TD STYLE="text-align: left">)</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">(331,759</TD><TD STYLE="font-weight: bold; text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">593,769</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">205,389</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">799,158</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Distribution of reserves&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(76,815</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(76,815</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(5,981</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(5,981</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Fair value of plan assets at the end of the year&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,411,297</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,004,048</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,415,345</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">3,696,914</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,001,112</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">4,698,026</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.5pt; text-indent: 0.25in"><B>&nbsp;</B></P>


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<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.7) Changes in asset limitation</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Asset Limitation at the beginning of the year&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,128,691</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">57,371</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">1,186,062</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">1,056,682</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; text-align: right">50,281</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="width: 6%; font-weight: bold; text-align: right">1,106,963</TD><TD STYLE="width: 1%; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interest on the asset limitation&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80,954</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,246</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">85,200</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,306</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,661</TD><TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">100,967</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Changes in the assets limitation, except interest&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(128,320</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,137</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(168,457</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(24,297</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,429</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: right">(21,868</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Asset Limitation at the&nbsp;&nbsp;end of the year&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,081,325</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">21,480</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,102,805</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,128,691</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">57,371</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">1,186,062</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.5pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.8) Results projected for 2021</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Current service cost&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,183</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">21,361</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><B>23,544</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Net interest on net defined benefit liability/asset&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">7,062</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">70,436</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>77,498</B></P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>9,245</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>91,797</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>101,042</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.5pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.9) Sponsoring company contributions projected
for 2021</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 67%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Sponsor contributions&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,670</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">6,475</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><B>8,145</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Benefits paid directly by the sponsor&#9;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">15,686</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid"><B>15,686</B></P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,670</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>22,161</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>23,831</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 3.5pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.10) Average weighted duration of defined
benefit liability</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 68%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 16%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">In 2020&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: center">7.9&nbsp;&nbsp;years</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: center">16.3&nbsp;&nbsp;years</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">In 2019&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: center">8.3&nbsp;&nbsp;years</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: center">18.1&nbsp;&nbsp;years</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.11) Actuarial assumptions</P>

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<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2020</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 34%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 33%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="white-space: nowrap; width: 33%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Discount rate to present value of defined benefit liability</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Vis&atilde;o: 6.4% / PBS-A: 7.4% / Telef&ocirc;nica BD: 7.7% / CTB: 7.0%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PAMA and PCE: 7.7% / Law 9.656/98: 7.9%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Future salary growth rate</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">CTB and PBS-A: N/A / Vis&atilde;o telef&ocirc;nica: 4.8% / Vis&atilde;o Multi: 6.4% / Telef&ocirc;nica BD: 4.6%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">N/A</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Medical expense growth rate</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">N/A</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">6.6%</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 34%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Nominal annual adjustment rate of pension benefits</TD>
    <TD STYLE="width: 33%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">3.5%</TD>
    <TD STYLE="width: 33%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">N/A</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Medical service eligibility age</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">N/A</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Female participants: 59 years<BR>
Male participants: 63 years</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Estimated retirement age</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PBS-A, CTB and Telef&ocirc;nica BD: 57 years Vis&atilde;o: 60 years</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Female participants: 59 years<BR>
Male participants: 63 years</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Mortality table for nondisabled individuals</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PBS-A, CTB and Telef&ocirc;nica BD: AT-2000 Basic segregated by gender, down-rated by 10%<BR>
Vis&atilde;o: AT-2000 Basic segregated by gender, down-rated by 50%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">AT-2000 Basic segregated by gender, down-rated by 10%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Mortality table for disabled individuals</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PBS-A, CTB and Telef&ocirc;nica BD: RP-2000 Disabled Male, down-rated by 60% Vis&atilde;o: N/A</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PAMA and PCE: RP-2000 Disabled Male, down-rated by 40% Law 9.656/98: RP-2000 Disabled Male, down-rated by 60%</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Disability table</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Telef&ocirc;nica BD: Light-Forte PBS-A and CTB: N/A Vis&atilde;o Telef&ocirc;nica: &Aacute;lvaro Vindas, down-rated by 50% Vis&atilde;o: Light-Fraca, down rated by 50%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Light-Forte</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Turnover</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PBS-A, CTB and Telef&ocirc;nica BD: N/A Vis&atilde;o: Turnover experience in VIS&Atilde;O plans (2015 to 2017)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PAMA and PCE: N/A Law No. 9656/98: Turnover experience in VIS&Atilde;O plans (2015 to 2017)</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Further to the assumptions stated above,
other assumptions common to all plans were adopted in 2020 as follows: (i) Long&ndash;term inflation rate 3.5%; and (ii) Annual
increase in the use of medical services according to age: 4.0%.</P>

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="3" STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 29%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 38%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="white-space: nowrap; width: 33%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Discount rate to present value of defined benefit liability</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Vis&atilde;o: 6.6% / PBS-A and Telef&ocirc;nica BD: 7.2% / CTB: 7.0%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PAMA and PCE: 7.4% / Law 9.656/98: 7.5%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Future salary growth rate</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">CTB and PBS-A: N/A / Vis&atilde;o and Telef&ocirc;nica BD: 5.5%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">N/A</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Medical expense growth rate</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">N/A</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">6.9%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Nominal annual adjustment rate of pension benefits</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">3.8%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">N/A</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Medical service eligibility age</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">N/A</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Female participants: 59 years<BR>
Male participants: 63 years</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="width: 29%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Estimated retirement age</TD>
    <TD STYLE="width: 38%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PBS-A, CTB and Telef&ocirc;nica BD: 57 years<BR>
Vis&atilde;o: 60 years</TD>
    <TD STYLE="width: 33%; padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Female participants: 59 years<BR>
Male participants: 63 years</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Mortality table for nondisabled individuals</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PBS-A, CTB and Telef&ocirc;nica BD: AT-2000 Basic segregated by gender, down-rated by 10% Vis&atilde;o: AT-2000 Basic segregated by gender, down-rated by 50%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">AT-2000 Basic segregated by gender, down-rated by 10%</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Mortality table for disabled individuals</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PBS-A, CTB and Telef&ocirc;nica BD: RP-2000 Disabled Female, down-rated by 40% Vis&atilde;o: N/A</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">RP-2000 Disabled Female, down-rated by 40%</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Disability table</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Telef&ocirc;nica BD: Light-Forte / PBS-A and CTB: N/A / Vis&atilde;o: Light-Fraca, down rated by 30%</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Light-Forte</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">Turnover</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PBS-A, CTB and Telef&ocirc;nica BD: N/A<BR>
Vis&atilde;o: Turnover experience in VIS&Atilde;O plans (2015 to 2017)</TD>
    <TD STYLE="padding-right: 2.9pt; padding-bottom: 10pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">PAMA and PCE: N/A<BR>
Law No. 9656/98: Turnover experience in VIS&Atilde;O plans (2015 to 2017)</TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Further to the assumptions stated above,
other assumptions common to all plans were adopted in 2019 as follows: (i) Long&ndash;term inflation rate 3.8%; and (ii) Annual
increase in the use of medical services according to age: 4.0%.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.12) Changes in actuarial assumptions in
relation to the prior year</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In order to adjust some actuarial assumptions
to the economic and demographic reality, a study was conducted for the plans administered by Vis&atilde;o Prev and Sistel, which
adopted the definition of the assumptions in their Deliberative Councils.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The main economic and financial assumptions
that have changed in relation to the previous fiscal year and that interfere with the defined benefit liability are: (i) rates
for discount to present value of the defined benefit liability; (ii) long&ndash;term inflation rate; (iii) rate of future wage
growth; (iv) rate of growth of medical costs; and (v) annual nominal index of adjustment of social security benefits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The impacts on the plans&rsquo; defined
benefit liabilities due to the new definition of the actuarial assumptions are as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement pension plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Post-retirement health plans</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Total</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 46%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Defined benefit liability, based on current actuarial assumptions&#9;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">2,238,700</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">1,863,359</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 11%; text-align: right">4,102,059</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Defined benefit liability, based on prior&ndash;year actuarial assumptions&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,358,891</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,112,510</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">4,471,401</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Difference from change in actuarial assumptions&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(120,191</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(249,151</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(369,342</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.13) Sensitivity analysis for actuarial
assumptions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company believes that the significant
actuarial assumptions with reasonable likelihood of variation due to financial and economic scenarios, which could significantly
change the amount of the defined benefit obligation, are the discount rate used to adjust the defined benefit liability to present
value and the rate of growth of medical costs.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Sensitivity analysis of the defined
benefit liability for scenarios involving a 0.5% increase and a 0.5% decrease in the discount rate used to discount the defined
benefit liability to present value is as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 58%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Defined benefit liability, discounted to present value at<BR>
current rate&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,238,700</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,863,359</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><B>4,102,059</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Defined benefit liability, discounted to present value considering a rate increased by 0.5%&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,152,416</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,729,350</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><B>3,881,766</B></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Defined benefit liability, discounted to present value considering a rate decreased by 0.5%&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,332,035</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,012,077</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><B>4,344,112</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a sensitivity analysis
of the defined benefit obligation for scenarios of 1% increase and 1% reduction in the rate of growth of medical costs:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 58%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD>
    <TD STYLE="width: 14%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 19.85pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Defined benefit liability, projected by the current medical cost growth rate&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,238,700</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,863,359</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><B>4,102,059</B></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 19.85pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Defined benefit liability, projected by the current medical cost growth considering a rate increased by 1%&#9;&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,238,700</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,176,479</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><B>4,415,179</B></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 19.85pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Defined benefit liability, projected by the current medical cost growth considering a rate decreased by 1%&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,238,700</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,611,501</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><B>3,850,201</B></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">c.3.14) Allocation of plan assets</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2020</P></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2019</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 53%; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        pension plans</P></TD>
    <TD STYLE="width: 12%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Post-retirement
        health plans</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Investments with market value quoted in active market:</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Fixed income investments</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">National Treasury Note (NTN)&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">2,878,204</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">938,986</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">3,067,926</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">940,144</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Treasury Financial Letter&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">183,744</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">65,062</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">270,676</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">60,968</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Repurchase operations&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">171,534</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">172,895</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Debentures&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">22,104</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">16,818</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Treasury Financial Letter (LFT)&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">15,099</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">14,238</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">FIDC shares / Others&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">22,815</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">24,517</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">National Treasury Notes (LTN)&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">167</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">282</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Variable income investments&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Investments linked to funds and market indexes&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">5,678</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">6,265</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Investments in other sectors&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">286</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">622</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Real estate investments&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">90,325</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">100,701</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Loans to participants&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">19,374</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">19,870</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Structured and overseas investments&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,967</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">2,104</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>3,411,297</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,004,048</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>3,696,914</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,001,112</B></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(31) Financial Instruments and
Risk and Capital Management</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounting
policy</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.1) Financial assets</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Initial recognition and measurement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On initial recognition, a financial
asset is classified in the following measurement categories: (i) at fair value through profit or loss; (ii) at amortized cost;
or (iii) at fair value through other comprehensive income, depending on the situation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The classification of financial assets
at initial recognition depends on the contractual cash flow characteristics of the financial asset and the business model for the
management of these assets.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For a financial asset to be classified
and measured at amortized cost or at fair value through other comprehensive income, it needs to generate cash flows that are &ldquo;exclusively
payments of principal and interest&rdquo; on the principal amount outstanding. This assessment is carried out at the level of each
financial instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Financial assets with cash flows that
are not exclusively payments of interest principal are classified and measured at fair value through profit or loss, regardless
of the business model adopted.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s business model for
managing financial assets refers to how it manages its financial assets to generate cash flows. The business model determines whether
cash flows will result from the collection of contractual cash flows, the sale of financial assets or both. Financial assets classified
and measured at amortized cost are maintained in a business plan with the objective of maintaining financial assets in order to
obtain contractual cash flows while financial assets classified and measured at fair value against other comprehensive income are
maintained in a business model. with the objective of obtaining contractual cash flows and also for the purpose of sale.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s consolidated financial
assets include cash and cash equivalents, trade accounts receivable, short&ndash;term investments pledged as collateral and derivative
financial instruments.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><U>Subsequent measurement</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Subsequent measurement of financial
assets depends on their classification, as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Financial assets at fair value through profit or loss:</I> these assets are subsequently measured at fair value. Net income,
including interest, is recognized directly in income.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Financial assets at amortized cost:</I> these assets are subsequently measured at amortized cost using the effective interest
method. The amortized cost is reduced by impairment losses. Interest income, foreign exchange gains and losses and impairment are
recognized in income. Any gain or loss on derecognition is recognized in profit or loss.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Financial assets at fair value through other comprehensive income:</I> these assets are subsequently measured at fair value.
Interest income is calculated using the effective interest method, and foreign exchange gains and losses and impairment are recognized
in profit or loss. Other net income is recognized in other comprehensive income. In derecognition, the accumulated result in other
comprehensive income is reclassified to the statement of income.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><U>Derecognition</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A financial asset (or, whenever the
case, a part of a financial asset, or a part of a group of similar financial assets) is derecognized when:</P>


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<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The rights to receive the cash flows from the asset have expired; or</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company has transferred its rights to receive cash flows from it has assumed obligation to pay the received cash flows
in full without material delay to a third part under a &lsquo;pass&ndash;through&rsquo; arrangement; and either (i) the Company
has transferred substantially all the risks and rewards of the asset, or (ii) the Company has neither transferred nor retained
substantially all the risks and rewards of the asset, but has transferred control of the asset.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in"><U>Impairment of financial assets</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries apply
an impairment model for financial assets based on expected credit losses, using a simplified method for certain short and long&ndash;term
assets (commercial receivables, lease receivables and contractual assets).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Under this simplified approach, credit
impairment is recognized by reference to expected credit losses over the life of the asset. For this purpose, the Company and its
subsidiaries use matrices based on historical bad debt experience by geographical area on a portfolio segmented by customer category
according to credit pattern. The matrix for each category has a defined time horizon divided into intervals in accordance with
the collection management policy and is fed with historical data that covers at least 24 collection cycles. This data is updated
on a regular basis. Based on the information observable at each close, the Company and its subsidiaries assess the need to adjust
the rates resulting from these matrices, considering current conditions and future economic forecasts.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.2) Financial liabilities</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Initial recognition and measurement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Upon initial recognition, a financial
liability is classified into the following measurement categories: (i) at fair value through profit or loss; (ii) at amortized
cost; or (iii) derivatives designated as hedge instruments in an effective hedge, as appropriate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Financial liabilities are initially
recognized at fair value plus, in the case of loans and financing, transaction cost directly attributable thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s consolidated financial
liabilities include trade accounts payable, loans and financing, debentures, leases, contingent payments (when applicable) and
derivative financial instruments.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Subsequent measurement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Measurement of financial liabilities
depends on their classification, as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Financial liabilities at fair value through profit or loss:</I> financial liabilities are designated at initial recognition
at fair value through profit or loss. This category also includes derivative financial instruments contracted, except those designated
as derivative financial instruments of cash flow hedge. Interest, monetary and exchange variations and changes arising from the
valuation at fair value, when applicable, are recognized in the statement of income when incurred.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Financial liabilities at amortized cost:</I> after initial recognition, loans and financing subject to interest are subsequently
measured at amortized cost using the effective interest rate method. Gains and losses are recognized in the statement of income
at the time of write-off of liabilities, as well as during the amortization process using the effective interest rate method.</TD></TR></TABLE>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Derecognition</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A financial liability is derecognized
when the obligation has been revoked, cancelled or expired.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When an existing financial liability
is replaced by another of the same lender, and the terms of the instruments are substantially different, or when the terms of an
existing debt instrument are substantially modified, this replacement or modification is treated as derecognition of the original
liability and recognition of a new liability, and the difference in the corresponding carrying amounts is recognized in the statement
of income.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.3) Fair value measurement</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Fair value is the price that would be
received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement
date. Fair value measurement is based on the assumption that the transaction to sell the asset or transfer the liability will take
place (i) in the principal market for the asset or liability; and (ii) in the absence of a principal market, in the most advantageous
market for that asset or liability. The Company and or its subsidiaries must have access to the principal (or most advantageous)
market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The fair value of an asset or a liability
is measured using the assumptions that market participants would use when pricing an asset or liability, assuming that market participants
act in their best economic interests.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Fair value measurement of a non-financial
asset takes into consideration the capacity of a market participant to generate economic benefits through the best use of the asset
or selling it to another market participant that would also make the best use of the asset.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries use
adequate valuation techniques in the circumstances and for which there is sufficient data to measure the fair value, that maximizes
the use of relevant observable inputs and minimizes the use of unobservable inputs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For assets and liabilities recurrently
recognized in the financial statements, the Company determines whether there were transfers between the hierarchy levels, revaluating
the classification (based on the lowest level input that is significant to the overall fair value measurement) at the end of each
reporting period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries assessed
their financial assets and liabilities in relation to market values using available information and appropriate valuation methodologies.
However, both the interpretation of market data and the selection of valuation methods require considerable judgment and reasonable
estimates to produce the most adequate realization value. As a result, the estimates shown do not necessarily indicate amounts
that could be realized in the current market. The use of different assumptions for the market and/or methodologies may have a material
effect on estimated realization values.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The fair values of all assets and liabilities
are classified within the fair value hierarchy described below, based on the lowest level of information that is significant to
the fair value measurement as a whole:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Level 1:</I> quoted market prices (unadjusted) in active markets for identical assets or liabilities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Level 2:</I> valuation techniques for which there is a significantly lower level of information to measure the fair value
directly or indirectly observable; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><I>Level 3:</I> valuation techniques for which the lowest and significant level of information to measure the fair value is
not available.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">During the periods shown in the tables
below, there were no transfers of fair value assessments between the levels mentioned above.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.4) Financial instruments &ndash; net</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Financial assets and liabilities are
presented net in the balance sheet if, and only if, there is a current enforceable legal right to offset the amounts recognized
and if there is an intention to offset or realize the asset or settle the liability simultaneously.</P>


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<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">a.5) Derivative financial instruments
and hedge accounting</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">A hedge relationship qualifies for hedge
accounting if it meets all of the following effectiveness requirements: (i) there is an economic relationship between the hedged
item and the hedging instrument; (ii) the credit risk effect does not influence the changes in value that result from this economic
relationship; and (iii) the hedge ratio of the hedging relationship is the same as that resulting from the amount of the hedged
item that the entity effectively protects and the amount of the hedge instrument that the Company effectively uses to protect that
amount of hedged item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The documentation includes identification
of the hedging instrument, the hedged item or transaction, the nature of the hedged risk, the nature of the risks excluded from
the hedge relationship, the prospective statement of hedge effectiveness and how the Company shall assess the effectiveness of
changes in the hedging instrument&rsquo;s fair value in offsetting the exposure to changes in the hedged item&rsquo;s fair value
or cash flows attributable to the hedged risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On the inception initial recognition
of a hedge relationship, the Company formally designates and documents the hedge relationship to which it wishes to apply hedge
accounting, the risk management objective and strategy for undertaking the hedge.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company uses derivative financial
instruments, such as currency and interest rate swaps or currency non-deliverable forward contracts to hedge against currency risks.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Derivative financial instruments designated
in hedge transactions are initially recognized at fair value on the date on which the derivative contract is entered into, and
subsequently revalued also at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Derivatives are presented as financial
assets when the fair value of the instrument is positive and as financial liabilities when the fair value of the instrument is
negative.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Any gains or losses resulting from changes
in fair value of derivatives during the year are posted directly to the statement of income, except for the effective portion of
cash flow hedges, which is recognized directly in equity as other comprehensive income and subsequently reclassified to P&amp;L
when the hedged item affects P&amp;L.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the purpose of hedge accounting,
hedges are classified as cash flow hedges and fair value hedges.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Cash flow hedges</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Cash flow hedges meeting the recording
criteria are accounted for as follows: (i) the portion of gain or loss from the hedge instrument determined as an effective hedge
shall be recognized directly in equity (other comprehensive income), and (ii) the ineffective portion of gain or loss from the
hedge instrument shall be recognized in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When the Company&rsquo;s documented
risk management strategy for any given hedge relationship excludes from the hedge effectiveness evaluation any particular component
of gain or loss or the corresponding cash flows from the hedge instrument, that gains or loss component is recognized in financial
income (expenses).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Amounts recorded in other comprehensive
income are immediately transferred to the statement of income when the hedged transaction affects P&amp;L. When a hedged item is
the cost of a non-financial asset or liability, amounts recorded in equity are transferred at the initial carrying amount of the
non-financial assets and liabilities.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the hedging instrument expires or
is sold, terminated or exercised without replacement or rollover (as part of the hedging strategy), or if its designation as a
hedge is revoked, or when the hedge fails to meet the hedge accounting criteria, any cumulative gain or loss previously recognized
in other comprehensive income remains separately in equity until the forecast transaction occurs or the firm commitment is fulfilled.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s contracts are classified
as cash flow hedges when they provide protection against changes in cash flows that are attributable to a particular risk associated
with a recognized liability that may affect the profit or loss and fair value when they provide protection against exposure to
changes in the fair value of the identified part of certain liabilities that is attributable to a particular risk (exchange variation)
and may affect the profit or loss.</P>


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

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Fair value hedges</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Fair value hedges meeting the accounting
criteria are accounted for as follows: (i) gain or loss from changes in fair value of a hedge instrument shall be recognized in
the statement of income as finance costs; and (ii) gain or loss from a hedged item attributable to the hedged risk shall adjust
the recorded amount of the hedged item to be recognized in the statement of income, as finance costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For fair value hedges relating to items
carried at amortized cost, any adjustment to carrying amount is amortized through profit or loss over the remaining term of the
hedge using the effective interest method. The effective interest rate amortization may begin as soon as any adjustment exists
and no later than the point that the hedged item ceases to be adjusted for changes in its fair value attributable to the risk being
hedged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">If the hedged item is derecognized,
the unamortized fair value is recognized immediately in the statement of income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When an unrecognized firm commitment
is designated as a hedged item, the subsequent cumulative change in the fair value of the firm commitment attributable to the hedged
risk is recognized as an asset or liability with a corresponding gain or loss recognized in profit and loss.</P>

<P STYLE="font: italic 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 0.25in">Classification between current and non-current</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Derivative financial instruments are
classified as current and non-current or segregated into short and long&ndash;term portions based on an evaluation of the contractual
cash flows.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When the Company maintains a derivative
as an economic hedge (and does not apply hedge accounting), for a period exceeding 12 months after the balance sheet date, the
derivative is classified as non-current (or segregated into current and non-current portions), in line with the classification
of the corresponding item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Derivative instruments that are designated
as effective hedging instruments are classified consistently with the classification of the underlying hedged item.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The derivative instrument is segregated
into current and non-current portions only when amounts can be reliably allocated.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b) Critical estimates and judgments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">When the fair value of financial assets
and liabilities stated in the balance sheet cannot be obtained in active markets, it will be determined using valuation techniques,
including the discounted cash flow method. Data for these methods is based on those adopted in the market, whenever possible. However,
when this is not feasible, a certain level of judgment is required for fair value determination. Judgment includes consideration
of the inputs used, such as liquidity risk, credit risk and volatility. Changes in the assumptions about these factors could affect
the reported fair value of financial instruments.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">c) Derivative transactions</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The derivative financial instruments
contracted by the Company are mainly used for hedging against foreign exchange risk from assets and liabilities in foreign currency
and the effects of inflation on leases indexed to the IPCA. There are no derivative financial instruments held for speculative
purposes, possible currency risks are hedged.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Management believes that the Company&rsquo;s
internal controls for its derivatives are adequate to control risks associated with each strategy for the market. Gains/losses
obtained or sustained by the Company in relation to its derivatives show that its risk management has been appropriate.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As long as these derivative contracts
qualify for hedge accounting, the hedged item is adjusted to fair value, offsetting the result of the derivatives, pursuant to
the rules of hedge accounting. This hedge accounting applies both to financial liabilities and probable cash flows in foreign currency.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Derivatives contracts include specific
penalties for breach of contract. Breach of contract provided for in agreements made with financial institutions leads to the anticipated
liquidation of the contract.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020 and 2019, the Company
held no embedded derivatives contracts.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.1) Fair value of derivative financial
instruments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The valuation method used to calculate
the fair value of financial liabilities (if applicable) and derivative financial instruments was the discounted cash flow method,
based on expected settlements or realization of liabilities and assets at market rates prevailing at the balance sheet date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The fair values of positions in Reais
are calculated by projecting future inflows from transactions using B3 yield curves and discounting these flows to present value
using market DI rates for swaps announced by B3.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The market values of foreign exchange
derivatives were obtained using the market exchange rates in effect at the balance sheet date and projected market rates obtained
from the currency&rsquo;s coupon&ndash;rate yield curves. The linear convention of 360 calendar days was used to determine coupon
rates of positions indexed in foreign currencies, while the exponential convention of 252 business days was used to determine coupon
rates for positions indexed to CDI rates.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Consolidated derivatives financial instruments
shown below are registered with B3 and classified as swaps, usually, that do not require margin deposits.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Accumulated effects from fair value</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Notional Value</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Amount receivable (payable)</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center">Description</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 40%; font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Assets position</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">411,650</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">515,261</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">69,416</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 3%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 1%; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; width: 10%; font: bold 10pt Times New Roman, Times, Serif; text-align: right">72,163</TD><TD STYLE="border-bottom: Black 1pt solid; width: 1%; padding-bottom: 1pt; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Foreign Currency&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">316,322</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">72,790</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,265</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">US$&nbsp;&nbsp;(1)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">97,753</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">72,790</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">306</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">EUR&nbsp;&nbsp;(1)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">91,863</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">888</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">NDF US$ (3)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">126,706</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">71</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Floating rate&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">44,560</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">369,491</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">127</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,818</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">CDI (1)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">44,560</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">369,491</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">127</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">1,818</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Inflation rates&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">50,768</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">72,980</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">68,024</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">70,345</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">IPCA (2)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">50,768</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">72,980</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">68,024</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">70,345</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Liabilities position&#9;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(411,650</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(515,261</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(74,980</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(56,133</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Floating rate&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(240,384</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(145,770</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(67,609</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(56,133</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">CDI (1) (2)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(240,384</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(145,770</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(67,609</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(56,133</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Fixed rate&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(126,706</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(6,662</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">NDF US$ (3)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(126,706</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(6,662</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Foreign Currency&#9;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(44,560</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(369,491</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(709</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">US$&nbsp;&nbsp;(1)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(44,560</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(365,161</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(709</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">EUR&nbsp;&nbsp;(1)&#9;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(4,330</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; font-weight: bold; text-align: right"><B>Assets position</B></TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">69,416</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: right">72,163</TD><TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Current</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">5,902</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">19,282</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Non-current</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">63,514</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">52,881</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right"><B>Liabilities position</B></TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(74,980</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 10pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: right">(56,133</TD><TD STYLE="font-size: 10pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">Current</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(8,864</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">(1,921</TD><TD STYLE="font-size: 10pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">Non-current</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(66,116</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(54,212</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; font: 10pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt; font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: right"><B>Amounts receivable, net</B></TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">(5,564</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font: bold 10pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 10pt Times New Roman, Times, Serif; text-align: right">16,030</TD><TD STYLE="border-bottom: Black 2.5pt double; font-size: 10pt; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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


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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(1)</TD><TD>Foreign currency swaps (Euro and CDI x Euro) (R$92,924)) and (US$&nbsp;and CDI x US$) (R$51,545) &ndash; maturing through February
19, 2021 to hedge currency risk affecting net amounts payable (carrying amount R$92,928 in Euros and LIBOR) and receivables (carrying
amount R$51,545 in US$).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(2)</TD><TD>IPCA x CDI swaps (R$246,816) &ndash; maturing in 2033 to hedge risk of change pegged to IPCA (carrying amount R$276,167).</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 9pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 4.5pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in">(3)</TD><TD>NDF US$ x R$ (R$119,838) &ndash; forward operations contracted with maturity up to June 11, 2021, with the objective of protecting
against risks of exchange rate variations in service contracts (book value of R$119,838 in dollars).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The table below shows the breakdown
of swaps maturing after December 31, 2020:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 9pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="23" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Maturing in</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" rowspan="2" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Amount receivable (payable) on December 31, 2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Swap contract</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2021</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2022</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2023</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2024</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2025</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2026 onwards</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 37%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Foreign currency x CDI&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(299</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(299</TD><TD STYLE="width: 1%; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">CDI x Foreign Currency&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(582</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(582</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">IPCA x CDI&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,510</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,015</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,160</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,137</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,076</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(22,990</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,908</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">NDF US$ x Fixed rate&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,591</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(6,591</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(2,962</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,015</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,160</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,137</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,076</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(22,990</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(5,564</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD></TR>
</TABLE>

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the purposes of preparing its financial
statements, the Company adopted the fair value hedge accounting methodology for its foreign currency swaps x CDI and IPCA x CDI
for hedging or financial debt. Under this arrangement, both derivatives and hedged risk are recognized at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020 and 2019, the transactions
with derivatives generated a positive consolidated net result of R$2,034 and R$51,963, respectively (Note 27).</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">c.2) Sensitivity analysis to the Company&rsquo;s
risk variables</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">CVM Resolution 475/08 requires listed
companies to disclose sensitivity analyses for each type of market risk that management understands to be significant when originated
by financial instruments to which the entity is exposed at the end of each period, including all derivative financial instrument
transactions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In making the above analysis, each of
the transactions with derivative financial instruments was assessed and assumptions included a probable scenario and two others
that could adversely impact the Company.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In the probable scenario assumption
used, on the maturity dates of each of the transactions, were the market rates for the B3 yield curves (currencies and interest
rates), and data from the IBGE, Central Bank, FGV, among others. In the probable scenario, there is no impact on the fair value
of the above&ndash;mentioned derivatives. However, for Scenarios II and III, as per CVM ruling, risk variables were stressed by
25% and 50% respectively.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Since the Company only holds derivatives
to hedge its foreign currency assets and liabilities, changing scenarios are tracked by the corresponding hedged items the effects
are almost non-existent. For these transactions, the Company reported the consolidated net exposure in each of the above&ndash;mentioned
three scenarios on December 31, 2020.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Transaction</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Risk</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">Probable</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">25% depreciation</TD><TD STYLE="font: bold 8pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font: bold 8pt Times New Roman, Times, Serif; text-align: center; border-bottom: Black 1pt solid">50% depreciation</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 27%; font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Hedge (assets position)&#9;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 27%; font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Derivatives (depreciation risk EUR)</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 9pt; text-align: right">92,924</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 9pt; text-align: right">116,155</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 1%; font-size: 9pt">&nbsp;</TD>
    <TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; font-size: 9pt; text-align: right">139,386</TD><TD STYLE="width: 1%; font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Payables in EUR&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Debt (appreciation risk EUR)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(94,517</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(118,146</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(141,777</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Receivables in EUR&#9;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Debt (depreciation risk EUR)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">1,549</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">1,937</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">2,324</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net Exposure</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(44</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(54</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(67</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Hedge (assets position)&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Derivatives (depreciation risk )US$)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">51,545</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">64,431</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">77,318</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Payables in US$&#9;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Debt (appreciation risk US$)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(284,102</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(355,127</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(426,153</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Receivables in US$</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Debt (depreciation risk US$)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">232,557</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">290,696</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">348,835</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net Exposure</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Hedge (assets position)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Derivatives (risk of decrease in IPCA)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">246,815</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">233,184</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">220,868</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Debt in IPCA</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Debt (risk of increase in IPCA)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(276,167</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(262,536</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(250,220</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net Exposure</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(29,352</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(29,352</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">(29,352</TD><TD STYLE="font-size: 9pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Hedge (assets position)&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Derivatives (depreciation risk US$)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">119,838</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">149,798</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">179,757</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">OPex in US$&#9;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">OPex (appreciation risk US$)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(119,838</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(149,798</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(179,757</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net Exposure</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Hedge (CDI position)</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 0.25in">Hedge US$ and EUR (liabilities position)&#9;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Derivatives (risk of decrease in CDI)</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">205,654</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">205,655</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; text-align: right">205,656</TD><TD STYLE="font-size: 9pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 0.25in">Hedge IPCA (liabilities position)&#9;</TD><TD STYLE="font-size: 9pt; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Derivatives (risk of increase in CDI)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(246,816</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(233,184</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: 9pt Times New Roman, Times, Serif; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: right">(220,868</TD><TD STYLE="border-bottom: Black 1pt solid; font: 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 2.9pt">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net Exposure</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(41,162</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(27,529</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD><TD STYLE="font-size: 9pt; font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: right">(15,212</TD><TD STYLE="font-size: 9pt; font-weight: bold; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: right">&nbsp;</TD><TD STYLE="font-size: 10pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total net exposure in each scenario&#9;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(70,558</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(56,935</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">(44,631</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-size: 9pt; font-weight: bold; text-align: left; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Net effect on changes in current fair value&#9;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">13,623</TD><TD STYLE="padding-bottom: 2.5pt; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="font: bold 9pt Times New Roman, Times, Serif; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: right">25,927</TD><TD STYLE="border-bottom: Black 2.5pt double; font: bold 9pt Times New Roman, Times, Serif; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The assumptions used by the Company
for the sensitivity analysis on December 31, 2020 were as follows:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Risk Variable</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Probable</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">25% depreciation</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">50% depreciation</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 55%; text-indent: -9.35pt; padding-left: 9.35pt">US$&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5.1967</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">6.4959</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">7.7951</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">EUR&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.3756</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7.9695</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9.5634</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">IPCA&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4.31</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5.39</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6.47</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">IGPM&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">23.14</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28.93</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">34.71</TD><TD STYLE="text-align: left">%</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">CDI&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1.90</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.38</TD><TD STYLE="text-align: left">%</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2.85</TD><TD STYLE="text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For calculation of the net exposure
for the sensitivity analysis, all derivatives were considered at market value and hedged items designated for hedges for accounting
purposes were also considered at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The fair values shown in the table above
are based on the portfolio position on December 31, 2020, but do not reflect an estimate for realization due to the dynamism of
the market, which is constantly monitored by the Company. The use of different assumptions could significantly affect the estimates.</P>


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">d) Classification of financial assets and liabilities
by category and fair value hierarchy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">For the purposes of disclosing fair
value, the Company and its subsidiaries determined classes of assets and liabilities based on the nature, characteristics and risks
of the asset or liability and the level of the fair value hierarchy.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Below, we present the composition and
classification of financial assets and liabilities as of December 31, 2020 and 2019.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Book
        value</P></TD>
    <TD COLSPAN="2" STYLE="text-align: center; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Fair
        value</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding: 1pt 2.9pt 2pt; width: 34%; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="text-align: center; width: 18%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Classification
        by category</P></TD>
    <TD STYLE="text-align: center; width: 7%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">Fair
        value hierarchy</P></TD>
    <TD STYLE="text-align: center; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">December
        31, 2020</P></TD>
    <TD STYLE="text-align: center; width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">December
        31, 2019</P></TD>
    <TD STYLE="text-align: center; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">December
        31, 2020</P></TD>
    <TD STYLE="text-align: center; width: 10%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="border-bottom: Black 0.5pt solid; font: bold 7pt/9pt Times New Roman, Times, Serif; margin-top: 1pt; margin-bottom: 2pt; text-align: center">December
        31, 2019</P></TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Financial Assets</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Cash and cash equivalents&nbsp;&nbsp;(Note 3)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">5,762,081</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,393,377</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">5,762,081</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">3,393,377</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Trade accounts receivable (Note 4)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,182,667</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,719,497</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,182,667</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,719,497</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Derivative transactions (Note 31)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Measured at fair value through OCI</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 8pt">Level 2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">5,902</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">19,282</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">5,902</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">19,282</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Investments pledged as collateral&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">46,280</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">63,766</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">46,280</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">63,766</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Trade accounts receivable (Note 4)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">379,898</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">440,453</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">379,898</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">440,453</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Derivative transactions (Note 31)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Measured at fair value through OCI</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 8pt">Level 2</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">63,514</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">52,881</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">63,514</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">52,881</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Total financial assets&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>14,440,342</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>12,689,256</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>14,440,342</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>12,689,256</B></P></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Financial Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Trade accounts payable, net (Note 16)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6,613,004</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6,871,799</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6,613,004</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">6,871,799</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Loans, financing and leases (Note 20)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">375,756</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,020,061</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">375,772</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,021,810</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Loans, financing and leases (Note 20)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Measured at fair value through profit or loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 8pt">Level 2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,262,048</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,029,246</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,262,048</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,029,246</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Debentures (Note 20)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,044,668</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,077,183</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,030,528</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,104,539</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Derivative transactions (Note 31)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Measured at fair value through profit or loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 8pt">Level 2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,864</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,921</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,864</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,921</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Loans, financing and leases (Note 20)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">51</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">25,093</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">49</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">24,106</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Loans, financing and leases (Note 20)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Measured at fair value through profit or loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 8pt">Level 2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,556,735</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">7,161,875</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">8,556,735</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">7,161,875</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Contingent consideration (Note 20)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Measured at fair value through profit or loss</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 8pt">Level 2</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">484,048</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">&ndash;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">484,048</FONT></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Debentures (Note 20)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Amortized cost</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">999,908</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">2,027,167</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">986,662</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right"><FONT STYLE="font-size: 8pt">1,948,705</FONT></TD></TR>
<TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Derivative transactions (Note 31)&#9;</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt"><FONT STYLE="font-size: 8pt">Measured at fair value through OCI</FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt"><FONT STYLE="font-size: 8pt">Level 2</FONT></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">66,116</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">54,212</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">66,116</P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">54,212</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="vertical-align: top; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Total financial liabilities&#9;</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 5.95pt; line-height: normal; font-size: 10pt; text-indent: -5.95pt">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>19,927,150</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>20,752,605</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>19,899,778</B></P></TD>
    <TD STYLE="text-align: right; vertical-align: bottom; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>20,702,261</B></P></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">e) Capital management</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The purpose of the Company&rsquo;s capital
management is to ensure maintenance of a high credit rating and an optimal capital ratio to support the Company&rsquo;s business
and maximize shareholder value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company manages its capital structure
by making adjustments and adapting to current economic conditions. For this purpose, the Company may pay dividends, obtain new
loans, issue debentures and contract derivatives. For the year ended December 31, 2020, there were no changes in capital structure
objectives, policies or processes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s debt structure includes
loans, financing, debentures, leases, contingent consideration and transactions with derivatives, less cash and cash equivalents,
short&ndash;term investments to secure BNB financing, accounts receivable for credit rights (FIDC) and guarantor of the contingent
consideration liability.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In 2020, there was a favorable decision
and conversion into income for the Company of the judicial deposit guaranteeing the contingent consideration liability (Note 9)
and, consequently, the amount of the contingent consideration was paid to Vivendi (Note 20).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s ratio of consolidated
debt to shareholders&rsquo; equity consists of the following:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 8pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2020</TD><TD STYLE="font-size: 8pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 8pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 70%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Cash and cash equivalents&#9;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">5,762,081</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 12%; text-align: right">3,393,377</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Accounts receivable &ndash; FIDC&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,975</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Loans, financing, debentures, leases and contingent consideration&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,239,166</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(13,824,673</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Derivative transactions, net&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(5,564</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">16,030</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Short&ndash;term investment pledged as collateral&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">13,212</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Asset guarantor of contingent consideration&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">484,048</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net debt&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">7,480,674</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">9,918,006</TD><TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Net equity&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">69,556,764</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">70,455,578</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Net debt-to-equity ratio&#9;</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">10.75</TD><TD STYLE="font-weight: bold; text-align: left">%</TD><TD STYLE="font-weight: bold">&nbsp;</TD>
    <TD STYLE="font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; text-align: right">14.08</TD><TD STYLE="font-weight: bold; text-align: left">%</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">f) Risk management policy</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries are
exposed to several market risks as a result of its commercial operations, debts contracted to finance its activities and debt&ndash;related
financial instruments.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.1) Currency Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company is exposed to the foreign
exchange risk for financial assets and liabilities denominated in foreign currencies, which may generate a smaller amount receivable
or larger amount payable depending on the exchange rate in the period.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Hedging transactions were executed to
minimize the risks associated with exchange rate on financial assets and liabilities in foreign currencies. This balance is subject
to daily changes due to the dynamics of the business. However, the Company intends to cover the net balance of these assets and
obligations (US$3,845 thousand, &euro;14,508 thousand and &pound;66 thousand paid by December 31, 2020 and US$72,530 thousand receivable,
&euro;974 thousand and &pound;110 thousand paid by December 31, 2019) to mitigate its foreign exchange risks.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.2) Interest and Inflation Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This risk may arise from an unfavorable
change in the domestic interest rate, which may adversely affect financial expenses from the portion of debentures referenced to
the CDI and liability positions in derivatives (currency hedge and IPCA) pegged to floating interest rates (CDI).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">To reduce exposure to the floating interest
rate (CDI), the Company and its subsidiaries invested cash equivalents of R$5,570,106 and R$3,143,209 on December 31, 2020 and
2019, respectively, mostly in short&ndash;term CDI&ndash;based financial investments (CDBs). The carrying amounts of these instruments
approximate their fair values, as they may be redeemed in the short term.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.3) Liquidity Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Liquidity risk may arise from having
insufficient funds to meet commitments in different currencies and dates of realization of rights and settlement of obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company structures the maturity
dates of non-derivative financial contracts (Note 20), and their respective derivatives, as shown in the schedule of payments disclosed
in this note, to avoid affecting their liquidity.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s cash flow and liquidity
are managed on a daily basis by the operating departments to ensure that cash flows and contracted funding, when necessary, it
is sufficient to meet scheduled commitments in to avoid liquidity risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a summary of the maturity
profile of the consolidated financial liabilities, which include principal and future interest rates up to the date of maturity.
For fixed rate liabilities, interest was calculated on the basis of the indices established in each contract. For variable rate
liabilities, interest was calculated on the basis of the market forecast for each period.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 23%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">On
        December 31, 2020</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2021</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2022</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2023</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2024</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2025</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">2026
        onwards</P></TD>
    <TD STYLE="width: 11%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 7pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Total</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Trade accounts payable&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">6,613,004</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">6,613,004</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Loans and financing&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">63</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">48</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">4</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">115</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Leases&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,262,043</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,270,112</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,118,655</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,551,657</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">925,972</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,690,339</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">10,818,778</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Debentures&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,062,237</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">1,021,647</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">&ndash;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 8pt; text-align: right">2,083,884</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt">Derivative transactions&#9;</FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">8,864</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">&ndash;</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">66,116</P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">74,980</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 9pt; text-indent: -9.35pt"><FONT STYLE="font-size: 8pt"><B>Total&#9;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>9,946,211</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>3,291,807</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>2,118,659</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,551,657</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>925,972</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>1,756,455</B></P></TD>
    <TD STYLE="text-align: right; white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 8pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>19,590,761</B></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.4) Credit Risk</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The credit risk arises from the possibility
of the Company and its subsidiaries incurring losses due to difficulty in receiving amounts billed to their customers and sales
of prepaid handsets and cards that have been pre&ndash;activated for the distribution network.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The credit risk on accounts receivable
is diversified and mitigated by strict control of the customer base. The Company constantly monitors the level of accounts receivable
from postpaid services and limits bad credit risk by cutting off access to telephone lines if bills are past due. The mobile customer
base predominantly uses the prepaid system, which requires purchase of credits beforehand and therefore does not pose credit risk.
Exceptions are made for emergency services that must be maintained for security or national defense reasons.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Credit risk on sales of pre&ndash;activated
prepaid handsets and cards is managed by a conservative policy for granting credit, using modern credit scoring methods, analyzing
financial statements and consultations to commercial databases, in addition to requesting guarantees.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries are
also subject to credit risk arising from their investments, letters of guarantee received as collateral for certain transactions
and receivables from derivative transactions. The Company and its subsidiaries control the credit limits granted to each counterpart
and diversify this exposure across first&ndash;tier financial institutions as per current credit policies of financial counterparts.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.5) Social and Environmental Risks</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company&rsquo;s operations and properties
are subject to various environmental laws and regulations that, among others, govern environmental licenses and records, protection
of fauna and flora, air emissions, waste management and remediation of contaminated sites. If the Company fails to meet present
and future requirements, or to identify and manage new or existing contamination, it will incur significant costs, which include
cleaning costs, damages, compensation, remedies, adjustment of conduct, fines, activities suspension and other penalties, investments
to improve its facilities or change its processes, or interruption of operations, in addition to damage to our reputation in the
market. The realization of environmental conditions not currently identified, more stringent inspections by regulatory agencies,
the entry into force of more stringent laws and regulations or other unanticipated events may occur and, ultimately, result in
significant environmental liabilities and their costs. The occurrence of any of the above factors could have a material adverse
effect on the Company&rsquo;s business, results of operations and financial position. According to Article 75 of Law No. 9605 of
1998, the maximum fine per breach of environmental law is R$50,000 (fifty million Reais).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">From a social point of view, the Company
is exposed to contingencies from outsourced service providers. These potential liabilities may involve labor claims by employees
of the service providers filing claims against the service provider and Company, requesting inclusion the Company as an assessor,
that is, the Company may be compelled to pay in the case the provider does not settle these obligations. There is also a more
remote possibility that these employees will be treated as direct employees by the Company, which would generate the risk of joint
and several convictions or even the recognition of the service provider&rsquo;s direct link with the Company. The demands that
are known to Telef&oacute;nica are already provided.</P>


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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.6) Insurance Coverage</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The policy of the Company and its subsidiaries,
as well as the Telef&oacute;nica Group, includes contracting insurance coverage for all assets and liabilities involving significant
and high&ndash;risk amounts, based on management&rsquo;s judgment and following Telef&oacute;nica corporate program guidelines.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, maximum limits
of claims (established pursuant to the agreements of each entity consolidated by the Company) for significant assets, liabilities
or interests covered by insurance and their respective amounts were R$900,000 for operational risks (including business interruption)
and R$75,000 for general civil liability.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.7) Risks Relating to the Brazilian Telecommunications
Industry and the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company's business is subject to
extensive regulation, including any regulatory changes that may occur during the terms of our concession agreements and the Company's
authorizations to provide telecommunication services in Brazil. ANATEL, the main telecommunications industry regulator in the country,
regulates, among other things: industry policies and regulations; licensing (including licensing of spectrum and bidding processes);
fees and tariffs; competition, incentives and restrictions (including the Company's ability to grow by acquiring other telecommunications
businesses); service, technical and quality standards; consumer rights; penalties and other sanctions; interconnection and settlement
arrangements; and universal service obligations.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Brazilian telecommunications regulatory
framework is continuously evolving. The interpretation and enforcement of regulations, the assessment of compliance with regulations
and the flexibility of regulatory authorities are all marked by uncertainty. The Company operate under authorizations and a concession
from the Brazilian government, and the ability to maintain these authorizations and concession is a precondition to the Company's
success. However, because of the changing nature of the Brazilian regulatory framework, the Company cannot guarantee that ANATEL
will not adversely modify the terms of the Company's authorizations and/or licenses. According to the Company operating authorizations
and licenses, must meet specific requirements and maintain minimum quality, coverage and service standards. If the Company failure
to comply with such requirements may result in the imposition of fines, penalties and/or other regulatory responses, including
the termination of the Company's operating authorizations and concession. Any partial or total termination of any of the Company's
operating authorizations and licenses or the Company's concession would have a material adverse effect on the Company's business,
financial condition, revenues, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In recent years, ANATEL has reviewed
and introduced regulatory changes, especially regarding asymmetric competition measures and interconnection fees charged among
local providers of telecommunications services. Asymmetric competition measures can include regulations intended to rebalance markets
in which a market participant has distinct market power over other competitors. The adoption of disproportionately asymmetric measures
could have a material adverse effect on the Company's business, financial condition, revenues, results of operations and prospects.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">With respect to interconnection fees,
these are an important part of the Company's revenue and cost bases. Such fees are charged by telecommunications service providers
to each other in order to allow interconnected use of each other&rsquo;s networks. To the extent that changes to the rules governing
interconnection fees reduce the amount of fees the Company can receive, or ability to collect such fees, the Company's businesses,
financial conditions, revenues, results of operations and prospects could be adversely affected.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Therefore, the Company's business,
results of operations, revenues and financial conditions could be negatively affected by the actions of the Brazilian authorities,
including, in particular, the following: the introduction of new or stricter operational and/or service requirements; the granting
of operating licenses in our areas; limitations on interconnection fees the Company may charge to other telecommunications service
providers; imposition of significant fines or penalties regarding failures to comply with regulatory obligations; delays in the
granting of, or the failure to grant, approvals for rate increases; and antitrust limitations imposed by ANATEL and CADE.</P>


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

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.8) Compliance</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company complies with Brazilian
anti&ndash;corruption laws and regulations where it has its securities traded. In particular, the Company is subject, in Brazil,
to the Law n 12.846/2013 and, in the United States, to the U.S. Foreign Corrupt Practices Act of 1977.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Although the&nbsp;Company has internal
policies and procedures designed to ensure compliance with the these anti&ndash;corruption laws and regulations, there can be no
assurance that such policies and procedures will be sufficient or that the Company&rsquo;s employees, directors, officers, partners,
agents and service providers will not take actions in violation of the Company&rsquo;s policies and procedures (or otherwise in
violation of the relevant anti&ndash;corruption laws and regulations) for which the Company or they may be ultimately held responsible.
Violations of anti&ndash;corruption laws and regulations could lead to financial penalties, damage to the Company&rsquo;s reputation
or other legal consequences that could have a material adverse effect on the Company&rsquo;s business, results of operations and
financial condition.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company develops and implements
initiatives to ensure the continuous improvement of its compliance program, through an organizational and governance structure
that guarantees a performance based on ethics, transparency and respect for applicable laws and standards.</P>

<P STYLE="font: italic bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt 9.35pt">f.9) Impacts of the Coronavirus pandemic
(COVID-19)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">In March 2020, the World Health Organization
(&ldquo;WHO&rdquo;) declared that the outbreak of Coronavirus (COVID-19) was a pandemic. COVID-19 has negatively impacted the global
economy, disrupted supply chains, created significant volatility and impacted financial markets resulting in an economic slowdown.
The outbreak and rapid spread of COVID-19 has resulted in a substantial reduction in commercial activities worldwide and is causing
the weakening of economic conditions, both in Brazil and abroad.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As part of efforts to curb the spread
of COVID-19, federal, state and municipal governments at times imposed various restrictions on the conduct of business and travel.
Government restrictions, such as requests to stay at home, quarantine and worker absenteeism, have led to a significant number
of businesses closings slowdowns. Such restrictions had an adverse impact on the Company and some of its customers and suppliers,
had operated during a period with a fraction of their capacities or completely paralyzed their operations, which adversely affected
the Company&rsquo;s sales.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As the events surrounding the COVID-19
pandemic continued to occur during the year of 2020, the Company&rsquo;s main focus was and will continue to be the health, safety
and well&ndash;being of its employees, customers and suppliers. To continue its operations, as permitted by the respective federal,
state and municipal governments, the Company has adopted numerous security measures in order to protect its employees, customers
and suppliers. These measures include, among others, adhering to social distance protocols, allowing the majority of its employees
to work from home, suspending non-essential travel, disinfecting facilities and work spaces extensively and frequently, suspending
non-essential visitors and requiring the use of facial masks for employees who need to be present at the Company&rsquo;s facilities.
The Company expects to continue with these security measures and will be able to take other actions or adapt its policies, according
to the requirements and guidelines of government authorities or according to the best interest of its employees, customers and
suppliers.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The measures imposed by federal, state
and municipal governments, resulting in a substantial reduction in commercial activities, except for essential companies and services,
such as telecommunications services. This allowed the Company to continue providing its main services on an uninterrupted basis.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">As a result of the global economic
slowdown caused by the COVID-19 pandemic, the Company experienced reduced demand and, consequently, has experienced some impacts
on business and results. The prolongation of this situation may have a significant adverse effect on the economies and global
financial markets, as well as on the Company&rsquo;s business, results of operations and financial situation.</P>


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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The possible effects on the Company&rsquo;s
business will depend on the extent of the COVID-19 pandemic, despite the fact that some vaccines have already been developed in
other countries and are being approved in Brazil.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Thus, the Company may not be able to
accurately predict the impacts on the business, as it will depend on the evolution of the following factors:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The duration and scope of the pandemic.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Government, business and individual actions that were and continue to be taken in response to the pandemic.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The impact of the pandemic on economic activity and actions taken in response.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The time it will take for economic activity to return to previous levels.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The effect on the Company&rsquo;s customers and the demand for its products and services.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company&rsquo;s ability to continue selling its products and services, including to those working from home.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Ability of the Company&rsquo;s customers to pay for its products and services; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Any closings of the Company&rsquo;s facilities and those of its customers and suppliers.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Among the main impacts resulting from COVID-19, of note, are:</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Total closure of retail stores at the end of March 2020, with a gradual reopening. Currently, all stores have returned to activities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company offered its customers the possibility of making installments with payments in up to 10 installments, free of fines
and interest.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>The Company prepaid receivables from suppliers in the second and third quarters of 2020, of approximately R$2 billion, as a
way of supporting the cash flow of these companies to maintain their productive activities.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Under Provisional Measure 936/2020 (MP No. 936), during the months of May to December 2020, the Company&rsquo;s employees received,
directly from the Federal Government, an emergency benefit payment estimated at R$34.5 million.</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Evaluation of the matrix of provisions for estimated losses to reduce the recoverable value of accounts receivable and inventories;
and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Under Provisional Measure 952/2020 (MP n&ordm; 952), the deadline for payment of the Fistel fee, which was due in March 2020.
In August 2020, the Company paid R$416.5MM.</TD></TR></TABLE>

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


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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(32) Additional Information on
Cash Flows</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reconciliation
of cash flow financing activities</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The following is a reconciliation of
consolidated cash flow financing activities for the years ended December 31, 2020 and 2019.</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cash flows from financing activities</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cash flows from operating activities</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financing activities not involving cash and cash equivalents</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" ROWSPAN="2" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance on December 31, 2020</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance on December 31, 2019</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Write-offs (payments)</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Write-offs (payments)</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial charges and foreign exchange variation</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Costs and expenses incurred</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additions of leases and supplier financing</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interim and unclaimed dividends and interest on equity</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    </TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 28%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interim dividends and interest on equity&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3,587,417</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(5,259,367</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5,537,948</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3,865,998</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Loans and financing&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,045,124</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,018,674</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(49,675</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">28,499</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">370,538</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">375,812</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Leases&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,191,151</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,909,214</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(502,537</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">210,836</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">4,828,542</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,818,778</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Debentures&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,104,350</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,025,583</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(123,202</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">89,011</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,044,576</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Derivative financial instruments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,030</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,186</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,408</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,564</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Contingent Consideration&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">484,048</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(344,217</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(105,678</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,555</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(40,708</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,396,060</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(10,541,869</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(781,092</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">341,309</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(40,708</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,199,080</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,537,948</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,110,728</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%; font: 8pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cash flows from financing activities</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Cash flows from operating activities</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="15" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financing activities not involving cash and cash equivalents</TD><TD STYLE="font-size: 7pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font-size: 7pt; font-weight: bold; text-align: center">&nbsp;</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance on December 31, 2018</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Write-offs (payments)</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Write-offs (payments)</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Financial charges and foreign exchange variation</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Additions of leases and supplier financing</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Initial adoption IFRS 16</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Interim and unclaimed dividends and interest on equity</TD><TD STYLE="font-size: 6.5pt; font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-size: 6.5pt; font-weight: bold; text-align: center; border-bottom: Black 1pt solid">Balance on December 31, 2019</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="width: 28%; text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Interim dividends and interest on equity&#9;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">4,172,916</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">(6,176,842</TD><TD STYLE="width: 1%; text-align: left">)</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">5,591,343</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 5%; text-align: right">3,587,417</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Loans and financing&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">2,106,814</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(2,070,665</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(129,974</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">171,636</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">967,313</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,045,124</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Leases&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">393,027</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(1,559,165</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(415,496</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">350,772</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,803,941</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">8,618,072</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,191,151</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -9.35pt; padding-left: 9.35pt">Debentures&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,173,910</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(66,830</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(201,516</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">198,786</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,104,350</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-align: left; text-indent: -9.35pt; padding-left: 9.35pt">Derivative financial instruments&#9;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(56,150</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">91,543</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">26,234</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(77,657</TD><TD STYLE="text-align: left">)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">(16,030</TD><TD STYLE="text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; text-indent: -9.35pt; padding-left: 9.35pt">Contingent Consideration&#9;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">465,686</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">18,362</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">484,048</TD><TD STYLE="border-bottom: Black 1pt solid; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="font-weight: bold; padding-bottom: 2.5pt; text-indent: -9.35pt; padding-left: 9.35pt">Total&#9;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">10,256,203</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(9,781,959</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">(720,752</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">)</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">661,899</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">2,771,254</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">8,618,072</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">5,591,343</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: right">17,396,060</TD><TD STYLE="border-bottom: Black 2.5pt double; font-weight: bold; text-align: left">&nbsp;</TD></TR>
</TABLE>

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

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing
transactions that do not involve cash</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The main transactions that do not involve
cash of the Company refer to the acquisition of assets through leases and income from financing with suppliers, as follows:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD>
    <TD STYLE="width: 17%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2020</P></TD>
    <TD STYLE="width: 17%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">December
        31, 2019</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Initial adoption IFRS 16 on January 1, 2019&#9;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">&ndash;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">8,618,072</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Financing transactions with suppliers&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">370,538</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">967,313</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">Acquisition of assets through leases&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">4,828,542</P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">1,803,941</P></TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>5,199,080</B></P></TD>
    <TD STYLE="text-align: right; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>11,389,326</B></P></TD></TR>
</TABLE>

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<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(33) Contractual Commitments</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company and its subsidiaries have
unrecognized contractual commitments arising from the purchase of goods and services, which mature on several dates, with monthly
payments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 31, 2020, the total nominal
values equivalent to the full contract period were:</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; background-color: white; border-collapse: collapse; font-family: Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 85%; padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="font: bold 8pt/9pt Times New Roman, Times, Serif; margin: 1pt 0 2pt; text-align: center; border-bottom: Black 0.5pt solid">Year</P></TD>
    <TD STYLE="white-space: nowrap; width: 15%; padding: 1pt 2.9pt 2pt; line-height: 9pt; font-size: 8pt; text-align: center; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2021&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,429,424</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2022&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,319,222</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2023&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">1,296,793</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2024&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">540,585</TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2025&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt; line-height: normal; font-size: 10pt; text-align: right">388,329</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt">2026 onwards&#9;</TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 0.5pt solid">873,058</P></TD></TR>
<TR STYLE="background-color: rgb(213,234,234); vertical-align: bottom">
    <TD STYLE="padding-right: 9.35pt; padding-left: 9.35pt; line-height: normal; font-size: 10pt; text-indent: -9.35pt"><B>Total&#9;</B></TD>
    <TD STYLE="padding-right: 2.9pt; padding-left: 2.9pt">
        <P STYLE="text-align: right; font: 10pt Times New Roman, Times, Serif; margin: 0; border-bottom: Black 1.5pt double"><B>5,847,411</B></P></TD></TR>
</TABLE>
<P STYLE="font: 11pt/115% Gill Sans MT, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(34) OI&rsquo;s Group Mobile
Assets Auction Outcome</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On December 14, 2020, the Company, in
compliance with and for the purposes of CVM Instruction No. 358/2002, as amended (&ldquo;ICVM 358&rdquo;), and subsequently to
the Material Facts disclosed on March 10th, 2020, July 18th, 2020, July 27th, 2020, August 7th, 2020 and September 7th, 2020, informed
its shareholders and the market in general that the offer presented by the Company jointly with TIM S.A. and Claro S.A. (the Company,
jointly with TIM S.A. and Claro S.A., the &ldquo;Purchasers&rdquo;) was declared the winner of the competitive process for purchase
of the mobile business assets &ndash; Personal Mobile Service of the Oi Group (&ldquo;UPI Mobile Assets&rdquo;), in the auction
held on the same date hereof at the 7th Corporate Court of Rio de Janeiro. The Judicial Recovery Court approved the Purchasers&rsquo;
offer as winner of the bid, after favorable opinion from the Public Prosecution of the State of Rio de Janeiro and the Judicial
Administrator.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The total amount was R$16,500,000, of
which R$15,744,000 represents the offer base price (&ldquo;Base Price&rdquo;) and R$756,000 refers to transitional services to
be rendered for up to 12 months by the Oi Group to the Purchasers (&ldquo;Transitional Services&rdquo;); besides the compensation
for the take&ndash;or&ndash;pay data transmission Capacity Agreement, of which the current net present value (NPV) corresponds
to R$819,000.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Subject to the terms, conditions and
payment calendar set forth in the SPE Mobile Assets Share Purchase and Sale Agreement, a draft of which is attached as Exhibit
5.3.9.1 of the Amendment to the Original Plan and Exhibit I to the Notice for judicial assignment of UPI Mobile Assets (&ldquo;Agreement&rdquo;),
the Base Price and the amount for the Transitional Services shall be paid at the moment of effectiveness of the transaction (&ldquo;Closing&rdquo;),
that is the date of execution of the Transitional Services agreement. The Data Transmission Capacity Agreement shall also be executed
on the Closing date and its payment shall be made according to the terms and conditions thereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company shall disburse an amount
corresponding to 33% of the Base Price and of the Transitional Services, equivalent to approximately R$5,5 billion. With regards
to the Capacity Agreement and considering its specific characteristics and the Company&rsquo;s needs, the total current amount
to be disbursed by the Company corresponds to approximately R$179 million or 22% of the agreement&rsquo;s total Net Present Value
(NPV).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Subject to the continuity of the current
market conditions and necessary internal approvals, as well as, in light of its robust financial parameters and strong cash flow
generation, the Company intends to use its own resources to finance the transaction.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The assets that make up the UPI Mobile
Assets shall, pursuant to the Agreement, be segregated by means of a segregation plan and contributed by the Oi Group to three
different specific purpose entities (&ldquo;SPE&rdquo;), in such a way that the Company shall acquire the totality of the shares
of one SPE that will hold the assets to be attributed to the Company pursuant to the aforementioned segregation plan, isolated
and independent from the other SPEs.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The Company is entitled to a selection
of assets that shall comprise the UPI Mobile Assets, composed of:</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Clients: approximately 10.5 million (corresponding to approximately 29% of UPI Mobile Assets&rsquo; total customer base), according
to Anatel&rsquo;s data base of April/20. Allocation of customers among Purchasers considered criterion that enhance competition
among the Brazilian market operators;</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Spectrum: 43MHz as a national weighted average based on population (46% of UPI Mobile Assets&rsquo; radiofrequencies). Division
of frequencies among Purchasers strictly respects the spectrum limits established by ANATEL; and</TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 10pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD>Infrastructure: agreements for the use of 2.7 thousand mobile access sites (corresponding to 19% of UPI Mobile Assets&rsquo;
total sites).</TD></TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 20pt 0 10pt; text-align: center">(35) Subsequent Events</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase
and Sale Agreement of Shares and Other Covenants between Oi M&oacute;vel S.A. and the Company, Tim S.A. and Claro S.A.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">On January 29, 2021, the Company, under
the terms of CVM Instruction No. 358/2002 (&ldquo;ICVM 358&rdquo;), as amended, in accordance to the Material Facts, mentioned
in note 34, it informed its shareholders and the market in general that, on January 28, 2021, that the Purchase and Sale Agreement
of Shares and Other Covenants (&ldquo;Agreement&rdquo;) was executed by and between Oi M&oacute;vel SA &ndash; In Judicial Recovery,
as Seller; the Company, Tim S.A. and Claro S.A., as Buyers and Oi S.A. &ndash; In Judicial Recovery and Telemar Norte Leste S.A.
&ndash; In Judicial Recovery, as intervening parties and guarantors of the Seller&rsquo;s obligations. The Agreement was executed
as a result of the competitive procedure for the sale of the assets of the mobile operation &ndash; Grupo Oi&rsquo;s Personal Mobile
Service (&ldquo;UPI Mobile Assets&rdquo;), in a judicial auction held on 12.14.2020 in which the Company and the other buyers were
declared winners.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The completion of the acquisition by
the Buyers of the UPI Mobile Assets shall take place according to the segregation plan of such assets, so that each of the Buyers
will acquire shares of an SPE containing their assets from the UPI Mobile Assets. The completion of the acquisition is also subject
to certain precedent conditions usually applicable to this type of transaction and set forth in the Agreement, such as the prior
consent of ANATEL and approval by CADE, as well as, if applicable, the submission to the general shareholders&rsquo; meeting of
Company, under the terms of article 256 of the Corporations Law, in which case additional information will be disclosed in due
course.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">This transaction, as of its completion,
will bring benefits to the Company&rsquo;s shareholders through the generation of revenues and efficiencies due to operational
synergies, as well as to its customers, as a result of the Company&rsquo;s commitment to excellence in the quality of the services
provided and, finally, to the sector as a whole due to the reinforcement in the capacity to make investments and create technological
innovations in a sustainable way, contributing to the digitalization of the country. The acquisition by the Company of a portion
of the UPI Mobile Assets represents another important step in the Company&rsquo;s purpose of digitalize to bring closer.</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 10pt">b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest
on equity declared by the Company</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">At a meeting held on February 12, 2021,
calling upon the General Shareholders&rsquo; Meeting to be held in 2022, the Board of Directors approved the credit of interest
on equity for the fiscal year 2021, under the terms of article 26 of the Company&rsquo;s Articles of Incorporation, article 9 of
Law No. 9249/95 and CVM Ruling No. 683/12, in the gross amount of R$150,000, equivalent to 0.08889560697 per common share, corresponding
to a net amount of Withholding Income Tax (IRRF) of R$127,500, equivalent to 0.07556126592 per common share, calculated based on
the balance sheet of the January 31, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">The amount of interest on own capital
per common share informed above may undergo future adjustments, up to February 26, 2021, as a result of possible acquisitions of
shares under the Company's Share Buyback Program.</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-indent: 0.25in">Payment thereof will be made up to until
July 31, 2022, on a date to be set by the Board of Directors and timely communicated to the market, being paid individually to
shareholders, according to the ownership structure contained in the Company's records, through the end of day February 26, 2021.</P>

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



<P STYLE="font: 10pt/16pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/16pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/16pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/16pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt/16pt Verdana, Helvetica, Sans-Serif; margin: 0; text-align: center">&nbsp;</P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">SIGNATURE</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">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.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt; TEXT-INDENT: 18pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; WIDTH: 100%; BORDER-BOTTOM: medium none; BORDER-LEFT: medium none" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="35%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 20pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 20pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="55%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 20pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">TELEF&#212;NICA BRASIL S.A.</FONT></B></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Date:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">March 12, 2021</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">By:</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="45%" colSpan=2>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman">/s/ </FONT>Luis Carlos da Costa Plaster</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt" vAlign=top width="8%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="37%">Luis Carlos da Costa Plaster</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="7%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 5.75pt" vAlign=top width="28%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Investor Relations Director</FONT></P></TD></TR></TABLE></DIV>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
